MANILA, Philippines - BDO Unibank Inc. was named the best Philippine domestic bank while Security Banking Corp. bagged five other awards given by Asiamoney.
Asiamoney is a monthly financial publication and a division of global media group Euromoney Institutional Investor PLC. It is now part of the Global Capital Group, a leading news, features and data service for the world’s capital markets.
At the recent Asiamoney Best Bank Awards 2014, BDO was honored as “the Philippine domestic bank with the best in assets, loans, and deposits, possessing respective market shares of 17 percent, 20 percent and 18 percent in the first quarter of 2014.”
The financial publication likewise recognized BDO’s efforts to grow its branch network, expanding its branches seven percent in 2013 and adding more in the first quarter of 2014 to reach 822.
“This enlarged presence helped it post P22.6 billion net income in 2013 and P11.05 billion in the first semester of 2014,” Asiamoney said.
The publication earlier recognized BDO the Best Managed Company in the Philippines in its 25th Anniversary Special Edition that featured Asia’s list of Best of the Best Managed Companies.
Meanwhile, Security Bank was recognized in the 24th Asiamoney FX Poll 2014 as Best Overall Domestic Provider of FX Services in the Philippines as voted by financial institutions and Best Overall Domestic Provider of FX Services in the Philippines as voted by corporates. The bank was also cited as: Best for FX Products and Services in the Philippines, Best for FX Options in the Philippines, and Best for FX Research and Market Coverage in the Philippines.
“These distinctions make Security Bank a consistent top placer in the annual FX Polls and demonstrate the bank’s leadership in treasury products in the Philippine banking industry,” Asiamoney said.
Security Bank reported a 115-percent expansion to P3.614 billion in net income in the first half of 2014, and 17.2-percent return on shareholders’ equity (ROE).
Asiamoney’s FX Poll surveys Asia Pacific’s top FX services providers among corporates and financial institutions.
The 24th annual survey received 4,609 valid responses from senior treasury, financial and management officials based in the region, representing 4,238 different institutions: 625 financial institutions and 3,613 non-financial corporates.