BDO posts P40B net income; opens 62 branches in rural areas

BDO Unibank Inc. (BDO) opened a total of 62 branches in the first nine months of the year, most of which are in rural areas covered by its subsidiary BDO Network Bank Inc.

This brings the bank’s total branches to 1,608 as of Sept. 30, 2022.

The Sy-led bank said its expansion is part of its initiative to help improve financial inclusion by providing access to financial services in less dense areas.

It spent P98.1 billion as it continued its branch expansion activities in underserved markets in rural areas and sustained information technology spending to support its digital initiatives.

BDO logged a net income of P40 billion from January to September from P2.4 billion in the same period in 2021 “on solid results across its core businesses.”

The bank said its earnings translate to a Return on Average Common Equity of 12.4 percent, compared to 10.7 percent posted a year ago.

Despite the bank’s strong performance year to date, it is conscious of external headwinds brought about by slowing global growth, persistent inflation and lingering uncertainties related to the Covid-19 pandemic. (with PR)