BDO Unibank led banks starting to report increases in their net income for the January-September period.

For the said period, the country’s top lender reported a 12% increase in net profit to P60.6 billion compared to the same period last year.

BDO said in a disclosure to the Philippine Stock Exchange (PSE), that the growth in its net income was driven by the sustained contribution of its core intermediation and fee-based service businesses.

It added that non-interest income rose by 16% year-on-year, reporting a robust growth in fees and service charges, treasury and foreign exchange gains and income from insurance operations. In the same period last year, BDO reported P57.9 billion in non-interest income.

“BDO remains well-positioned to capitalize on emerging opportunities and sustain long-term growth and profitability with its strong business franchise, solid balance sheet and extensive distribution network,” BDO said in a disclosure on Monday.

Reacting to the latest income figure of BDO, Regina Capital Development Corporation Managing Director Luis Limlingan said the bank can sustain its income growth in the fourth quarter of this year, and exceed its P73.4-billion earnings income for full-year 2023.

“We expect the bank to sustain its performance in the fourth quarter and end the year with more than P80 billion in net income,” he added.

BDO is currently the largest bank in the country in terms of revenue, income and network, having 1,700 consolidated operating branches and at least 5,700 automated teller machines nationwide.

Meanwhile, the price of BDO shares listed at the Philippine Stock Exchange (PSE) has been trading at between P157 and P165 for most of October.

The highest close of BDO shares in the past 52 weeks is P169 and the lowest close is P122.

(PHOTO FROM BDO WEBSITE)