BDO total resources top P1-trillion mark last year

MANILA-, Philippines - Banco de Oro Unibank Inc. (BDO) reported that its consolidated resources at the end of 2010 has breached the P1-trillion mark, a 16-percent jump from P862 billion in 2009.

With this record-setting growth, bank officials have expressed greater optimism that the bank would be able to attain its 2010 full year income target of P8.1 billion. As of end-September, BDO’s net income has surged 58 percent to P6.4 billion on the back of sustained growth in business volumes amid a tempered hike

in operating expenses. In a press statement, BDO said that it had been aggressive in pursuing diverse opportunities to expand its product offerings and services, thus resulting to stable margins. The Sy-led universal bank “aims to continuously do well by leveraging

on its operating scale and maintaining good growth in its core businesses,”

it said. “We are on track for our full year 2010 income target,” said Nestor V. Tan, BDO

president repeatedly. Its non-performing loans (NPL) stood at P18.4 billion or 3.37 percent of total loan portfolio. Last Monday, BDO told the Philippine Stock Exchange (PSE) that its board has decided to rename the bank simply as BDO Unibank Inc.

The board likewise declared dividends for preferred shares of 6.5 percent per annum or a total amount of P329 million and is awaiting approval of the Bangko

Sentral ng Pilipinas (BSP). BDO is a full-service universal bank that provides a complete array of industry-leading products and services to the retail and corporate markets including lending (corporate, middle market, SME, and consumer), deposit-taking, foreign exchange, brokering, trust and investments, credit cards, corporate cash management, and remittances. Through its subsidiaries, it offers leasing and financing,

Investment banking, private banking, bancassurance, insurance brokerage, and stock brokerage services. The bank has one of the largest distribution networks with over

700 branch licenses and more than1,400 ATMs nationwide.