BDO 9-month profit up on trading, fee-based income

ABS-CBN News

Posted at Nov 03 2011 11:42 AM | Updated as of Nov 03 2011 07:42 PM

MANILA, Philippines - Banco de Oro Unibank Inc., the country's largest lender by assets, reported Thursday its net income in the first nine months of 2011 rose 19% to P7.6 billion from P6.4 billion in the same period last year.

The lender said its non-interest income, made up of fee-based income and trading and foreign exchange gains, grew 16% to P15.3 billion.

Its net interest income or income from loans rose just 1.3% to P25.7 billion.

BDO said its gross loans grew 24% to P620.8 billion, while deposits went up 15% to P820.6 billion.

As of end September, the bank had a non-performing loan ratio of 3.9%, an improvement from the 4.7% it posted last year. Its capital adequacy ratio was 15%, above the industry minimum requirement of 10%, following an P8.5-billion Tier 2 issue in June.

BDO is a unit of SM Investments Corp., which is owned by the country's richest man, Henry Sy.