BDO Unibank, Inc. moved up two notches to No. 7 in BusinessWorld’s Top 1000 Corporations by Gross Revenue in the Philippines, emerging as the highest ranked bank on the annual list for 2018.
The local business newspaper ranks companies based on their gross revenue for the most recent year. It reviews audited financial statements, which cover the fiscal year ending between May and December of the previous year, and between January and April of the current year, submitted to the Securities and Exchange Commission (SEC) for private firms and the Commission on Audit (CoA) for government-owned and -controlled corporations.
In 2018, the bank delivered a record net income of P32.7 billion, representing a 17% increase from its previous year earnings, surpassing its P31 billion guidance for the year, and making BDO the first Philippine bank to breach the P3 trillion mark in total assets.
BDO’s income for the first nine months of 2019 surged to P32.1 billion from P21.5 billion during the same period in 2018. This was driven by the bank’s expansion of its recurring core revenues, complemented by the sustained increase in fee incomes and life insurance premiums. BDO’s January-to-September earnings translate to a Return on Common Equity (ROCE) of 12.5%, higher than its 9.5% ROCE in 9M18.
“Over the years, we have leveraged our strong business franchise, solid balance sheet, and extensive geographic reach in serving our clients’ financial needs. As the Philippines sustains its solid economic performance in 2020, we see greater opportunities for us to serve the needs of the emerging and unbanked segments of the population, many of whom reside in the country’s most remote areas,” said Nestor V. Tan, president and CEO of BDO. (PR)