MANILA – BDO Unibank on Friday said it posted a net income of P28.2 billion in 2020 and P10.4 billion in the first quarter of 2021 as testament of its resilient business despite the COVID-19 pandemic.

The year 2020’s net income, however, was lower compared to 2019 due to the pre-emptive provisions of P30.2 billion set aside for potential delinquencies, the Sy-led group said in a disclosure to the stock exchange.

Its first quarter net income is 19 percent higher compared to the same period last year due to the “robust” performance from service fee businesses that offset weak demand for loans, BDO said.

Loans dipped by 1 percent while deposits were up by 2 percent, it said.

$BDO president Nestor Tan says their Q1 net income for 2021 was higher by 19% thanks to a surge in non-interest income pic.twitter.com/qPUBI3uSVz

— Bruce T. Rodriguez (@BruceTRodriguez) April 23, 2021

“BDO remains resilient in the face of the continuing challenges of the health crisis and will continue to strengthen its business franchise and invest in its digital infrastructure with the ongoing implementation of the Bank’s strategic programs,” the bank said.

BDO has 1,400 operating branches and over 4,400 ATMs nationwide.

Several banks have implemented shorter work hours during the height of the COVID-19 lockdowns last year.

-- with a report from Bruce Rodriguez, ABS-CBN News

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