MANILA, Philippines - Solid performances of its units boosted Banco de Oro Unibank Inc.'s net profit in the first half, jumping by a hefty 94% from a year earlier to P4.1 billion.
Banco de Oro, the largest bank in the country, earned a net income of P2.1 billion in the first quarter based on its reporter first quarter earnings of P2 billion.
"With its good performance across all business lines, the bank is on track to meet its net income target of P8.1 billion for the full year of 2010," the bank said in a disclosure to the Philippine Stock Exchange on Tuesday.
In the first half, net interest income grew 17% to P16.7 billion, fueled by a 19% rise in gross customer loans to P491.5 billion.
Net interest margin also improved to 4.3% from 3.9% a year earlier.
Fee-based service and treasury income went up by 14% to P5.2 billion, while trading and foreign exchange gains climbed 35% to P2.6 billion.
Banco de Oro's loan loss provisions totaled P3.3 billion, leading to a non-performing loan coverage ratio of 82%.
Banco de Oro shares ended 2.9% at P48 a piece on Tuesday.