BDO earns P8.8B in Q1 2020, P44.2B in 2019

BDO Unibank Inc. (BDO) has logged a full year P44.2 billion net income in 2019 and P8.8 billion net income in the first quarter of 2020 on the back of strong core income sources.

As a prudent measure amid the challenging environment, BDO has set aside P20 billion in additional provisions after a comprehensive review of the loan portfolio. BDO president and chief executive officer Nestor Tan clarified: “This move is anticipatory in nature.

We are not yet experiencing losses. The additional provisions are meant to safeguard our balance sheet and will not impair our capital which is strong enough to withstand near-term shocks.”

The bank also said its capital position remains strong despite the additional provisions, and that it intends to continue with its regular quarterly dividends.

The bank had earlier paid out P0.30 per share cash dividend on common shares for the first quarter of 2020 and declared the same for the second quarter payable on June 29, 2020 to all stockholders of record as of June 17, 2020. (PR)