BDO net income at P44.2 billion in 2019, beating bank's guidance

ABS-CBN News

Posted at Feb 27 2020 12:12 PM

Customers enter a BDO Unibank branch in Manila. The country's largest lender said its net income in 2019 exceeded its own guidance, reflecting its strong business. Mark Demayo, ABS-CBN News

MANILA -- BDO Unibank, the Philippines' largest lender, said Thursday net income grew beyond expectations in 2019, on strong performance across across its earnings sources.

Net income last year grew to P44.2 billion from P32.7 billion in 2018 and exceeding its guidance of P38.5 billion, Sy-led BDO told the stock exchange.

Shares of BDO were up 2.48 percent after it disclosed full year earnings. It was the second most actively traded stock at noon. The main index was up 0.77 percent.

Net interest income was up 22 percent to P119.9 billion. Non-interest income totaled P60.6 billion, including P35.3 billion from fees alone, BDO said.

BDO is an "advantageous position to tap growth opportunities and development thrusts in line with government priorities while remaining resilient to domestic and external challenges."