BDO Nets PHP73.4 Billion Income In 2023

BDO Unibank, Inc., a full-service universal bank, achieved a net income of PHP73.4 billion in 2023, marking a significant surge from PHP57.1 billion in 2022.

BDO's financial accomplishment was a result of growth across its core businesses. I Photo: Asia Pacific Excellence Awards

The bank disclosed to the Philippine Stock Exchange (PSE) that this financial accomplishment was a result of growth across its core businesses.

BDO offers a range of corporate and retail services including loan and deposit products, trust banking, investment banking, private banking, rural banking and microfinance, cash management, leasing and finance, remittance, and credit cards, among others.

Additionally, the bank provides digital banking solutions.

This upward momentum has continued, with the bank's net income for the first quarter of 2024 already increasing by 12% to PHP18.5 billion compared to PHP16.5 billion in the same period last year.

BDO emphasized its completion of the consolidation of ownership in the Podium complex in Ortigas Center, with the stockholders’ approval of the merger between BDO and SM Keppel Land, Inc. (SM Keppel).

The merger, subject to regulatory approvals, is expected to be completed within the second half of 2024.

Despite continuing macroeconomic challenges, BDO remains cautiously optimistic, highlighting its well-positioned stance to achieve sustainable growth and profitability with its strong business franchise, market leadership, and solid capital position.

It maintains the largest distribution network in the country, comprising over 1,700 consolidated operating branches and more than 5,500 teller machines nationwide, along with 16 international offices in Asia, Europe, North America, and the Middle East.

BDO also underscored its ranking as the largest bank in terms of total assets, loans, deposits, and trust funds under management as of December 31, 2023.