MANILA — BDO Unibank said on Monday its net income reached P57.1 billion in 2022 compared to P42.8 billion in 2021 due to the robust growth of its core businesses.

Gross consumer loans grew 9 percent fueled by the economic reopening, the bank said in a disclosure to the stock exchange.

BDO said total deposits rose by 14 percent, with net interest income growing by also 14 percent to P149.2 billion.

Revenues, meanwhile, are up by 15 percent, it added.

Non-performing loan (NPL) ratio dipped to 1.95 percent and NPL coverage remained strong at 167 percent, the Sy-led bank said.

Total capital expanded to P461.5 billion, BDO said.

"While macroeconomic challengers remain with persistent inflation and foreign exchange and interest rate volatility, BDO believes that its established business franchise and strong balance sheet will allow the Bank to surmount near-term risks and capitalize on structural growth opportunities to attain long-term sustainable growth," it said.

BDO has around 1,600 branches and 4,600 ATMs nationwide.

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