Sy family-led BDO Unibank Inc. registered a net income of P57.1 billion in 2022, the highest annual earnings ever attained by a local bank, thanks to core businesses bringing up the earnings to another growth year. | TyronePiad /PDI
Better net earnings allowed the Sy family-led bank to register a return on average common equity of 13 percent, surpassing the 10.5 percent recorded in 2021 and even the 12.8 percent level in 2019.
BDO said its balance sheet was “solid with very comfortable capital position” given that its asset quality has improved “with ample provisioning.” Its nonperforming loan ratio slowed down to 1.95 percent while NPL coverage rose to 167 percent. Total capital amounted to P461.5 billion as of end-2022, with capital adequacy ratio and common equity tier 1 ratio at 14.5 percent and 13.4 percent of risk assets, respectively. Meanwhile, BDO’s board led by chair Teresita Sy-Coson approved an increase in quarterly cash dividends on common shares by P0.30 to P0.75 starting this first quarter.
“While macroeconomic challenges remain with persistent inflation and foreign exchange and interest rate volatility, BDO believes that its established business franchise and strong balance sheet will allow the bank to surmount near-term risks and capitalize on structural growth opportunities to attain long-term sustainable growth,” it said. INQSubscribe to our daily newsletter
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