Sy-led BDO Unibank, Inc. reported a P13.1-billion net income as of end-June, down from a year ago amid lower non-interest gains and bigger operating costs.
In a disclosure on Friday, BDO said the bank booked P13.1 billion during the first six months of the year, 1.5% lower than the P13.3 billion net profit logged in June 2017.
The bank said procedural changes on the investment portfolio of subsidiaries BDO Life which took effect earlier this year, as well as the continued expansion of rural lender One Network Bank, fed into BDO’s bottom line.
Minus these changes, net income “would have increased by 13%,” the bank told the Philippine Stock Exchange.
“Despite the challenging macro environment, BDO will continue to capitalize on its strong business franchise and extensive distribution network, generate quality earnings driven by recurring income sources, as well as execute its growth strategy to expand into high growth areas and underserved segments,” the bank said.
BDO reported record earnings worth P28.1 billion in 2017. — Melissa Luz T. Lopez