BDO Unibank, Inc. (BDO) recorded a net income of ₱82.0 billion in 2024, up by 12% year-on-year (YoY) from ₱73.4 billion in 2023 due to solid performance across core businesses. This translates to a ROCE of 15.14% for the year.
Gross Customer Loans grew by 13% YoY to ₱3.2 trillion, with double-digit growth across all segments. Total Deposits increased by 6% YoY to ₱3.8 trillion, with Current Account/Savings Account (CASA) ratio at 71%.
Net Interest Income and non-interest income both grew by 8% with the expansion in earning assets and growth in the Bank’s service businesses.
Asset quality remained steady, with Non-Performing Loan (NPL) ratio at 1.83%, lower than the industry ratio of 3.27%. NPL coverage was stable at 145% versus 144% in the previous quarter, using the revised BSP guidelines which excludes provisions appropriated in Retained Earnings. Using the old reporting regime, NPL coverage was at 179% in 4Q 2024, compared to 178% in 3Q 2024.
Shareholders’ equity expanded 11% YoY on sustained profitable operations, with Book Value Per Share increasing 11% to ₱107.83. The Bank’s CET1 ratio was at 14.1%.
The Bank opened a total of 71 branches nationwide, majority of which are located in rural and provincial areas, to bring the consolidated network to 1,791. Sustained branch expansion is aligned with the Bank’s strategic focus of broadening its reach, particularly in underserved areas, and enhancing customer convenience and accessibility.
To complement its physical network and future-proof the Bank, BDO continues to invest in digital capabilities to offer enhanced products, improve customer experience and generate operational productivity.
The Bank also successfully issued its second and third ASEAN Sustainability Bonds in January and July 2024, raising ₱63.3 billion and ₱55.7 billion, respectively. These bond issuances support BDO’s ongoing sustainability initiatives, providing funding for eligible projects that contribute to the country’s sustainable development. BDO’s Sustainable Finance Framework is currently the most comprehensive framework in the country for Green, Blue, Social and Gender financing, with 29 eligible categories certified by Morningstar Sustainalytics.
BDO’s established business franchise, robust financial performance, and wide distribution network make it well-equipped to pursue new opportunities and maintain long-term sustainable growth and profitability.
