Banco De Oro 2009 profit up 173%

Higher operating income and better cost management boosted bank's net to $132.53mln.

Banco de Oro Unibank Inc posted a net income of P6.1 billion ($132.32 million) in 2009, up 173 percent from P2.2 billion ($47.77 million) a year ago.

The bank said in a statement that higher operating income and a slower increase in operating costs drove last year's profits, which also exceeded the P5.5-billion ($119.31 million) target for the year. BDO posted a record profit of P6.5 billion ($141 million) in 2007.

BDO remained the largest bank in the Philippines, with total consolidated assets of P856.2 billion ($18.57 billion) in 2009. It had P491.8 billion ($10.67 billion) in loans and net receivables as of December.

BDO, controlled by the SM Group of taipan Henry Sy, said net interest income rose 33 percent to P30.6 billion ($665.07 million) in 2009, due to a larger level of earning assets and improved margins.

View the full story in Manila Standard Today.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.