BDO Unibank Inc. On August 1, it managed to increase its net profit by 12% in the first half of the year, largely due to the strong performance of its core business during the period.
The bank reported a net profit of 23.9 billion pesos (about $431.17 million at current exchange rates) during the first six months of 2022. Its non-interest income expanded to 34.3 billion pesos, which the bank attributed to a strong expansion in fees and premium.
The bank said in a statement to the Philippine Stock Exchange.
Meanwhile, the bank said its customer loan portfolio rose by 9 per cent, funded by an 11 per cent increase in CASA (Current Account/Savings Account) deposits which now make up 85 per cent of total deposits.
Operating profit before provisions (PPOP) also rose to 39.2 billion pesos, which the bank said reflects the strength of core income sources amid a moderate rise in operating expenses.
“The bank continues to roll out new digital capabilities and self-service technologies across branches to make banking services more intuitive, user-friendly and operationally efficient,” BDO said.
The Philippines’ largest bank by assets added: “These branch innovations include the ability for paperless processing directly, covering 80 percent of branch transactions, and cardless Automated Teller Machine (ATM) transactions using biometrics (fingerprint scanning or facial recognition) and quick response codes.
BDO also reported that its asset quality continued to improve as its non-performing loan ratio decreased to 2.39% from 2.72% in the previous quarter and 3.12% a year ago.