BDO posts P1.06B net profit in Q3

Banco de Oro Unibank, Inc. (BDO) reported a P1.06 billion net profit for the third quarter this year despite its exposure to Lehman Brothers, which collapsed a few months back.

The strong performance achieved by the bank amid the global economic crisis made it the number one financial institution in the Philippines in terms of assets, deposits, loans and Assets Under Management. Likewise, BDO ranked as the third largest bank in the country in terms of capital.

Gross customer loans and receivables expanded 37 percent year-on-year to P397 billion, stated an official report furnished to The Freeman.

Deposits rose 32 percent year-on-year to P575.3 billion. BDO's trust business exhibited strong growth, with assets under management of P319.6 billion, an increase of P67 billion or 26 percent from September last year.

The bank's total resources stood at P742.7 billion, an increase of 22 percent compared to the same period last year; and

Capital was at P54.6 billion boosted by a P5 billion preferred share issue in September.

BDO credited its healthy balance sheet to its focused approach to its target market segments, notably the top-tier corporate market, middle market, and retail.

It continued to build on this base as well as in investment and commercial banking, trust, leasing, remittances, bancassurance, credit cards, and corporate cash management. It currently has a nationwide network of 700 branches and more than 1,200 ATMs.

Meanwhile, the banking industry in the Philippines is expecting sustainable positive performance onward, amid the global economic downturn.

Bankers said that because of the strong monetary policies implemented by the Bangko Sentral Ng Pilipinas (BSP), banks in the Philippines have continued to weather the crisis, and sustained a strong performance.