In BDO Unibank, Inc.’s (BDO) Annual Stockholders’ Meeting, President and CEO Nestor V. Tan highlighted the Bank’s 33% year-on-year (YoY) increase in net income to ₱57.1 billion in 2022, driven by healthy growth across all core businesses. The momentum was sustained in the first quarter of 2023 with earnings up 41% YoY to ₱16.5 billion.
The full-year 2022 and interim 1Q 2023 results translated to a Return on Average Common Equity (ROCE) of 13.02% and 14.45%, respectively. These results were bolstered by solid loan and deposit growth, robust fee-income generation and improved asset quality.
The Bank recognizes that macroeconomic challenges still persist, with elevated inflation and interest rates. BDO believes, however, that it is in a good position to weather short term volatility and capitalize on long-term growth opportunities given its sound balance sheet, established business franchise and strong and diversified earnings streams.
BDO is a full-service universal bank which provides a wide range of corporate and retail services such as traditional loan and deposit products, treasury, trust banking, investment banking, private banking, rural banking and microfinance, cash management, leasing and finance, remittance, insurance, cash cards, credit cards, and online and non-online brokerage services.
BDO has the country’s largest distribution network, with over 1,600 consolidated operating branches and more than 4,600 ATMs nationwide. It also has 16 international offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East.
The Bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.
BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of December 31, 2022.