BDO Unibank (BDO) Q4 2024 earnings summary

Executive summary

• Achieved record net income of PHP 82.0 billion in 2024, up 12% year-over-year, with return on equity at 15.1% and sustained market leadership in assets, loans, deposits, and trust funds.

• Fourth quarter earnings reached PHP 21.4 billion, also a record high.

• Extensive domestic and international network with 1,791 branches and over 5,800 teller machines nationwide.

• Majority owned by the SM Group, leveraging synergies in retail, property, and financial services.

Financial highlights

• Net interest income rose 8% to PHP 186.6 billion, with stable margins at 4.35% and asset growth; non-interest income up 8% to PHP 77.7 billion.

• Fee income increased 17%, with accelerating trends into 2024.

• Gross customer loans increased 13% to PHP 3,225.2 billion; deposits grew 6% to PHP 3,794.0 billion.

• Cost-to-income ratio improved to 55.5%.

• Book value rose 11%, and total resources reached PHP 4,876.1 billion, up 9% year-over-year.

Outlook and guidance

• Cautiously optimistic outlook, expecting sustained low-teens loan growth with upside from a CapEx cycle.

• Committed to expanding sustainable finance, targeting a 50% reduction in coal exposure by 2033.

• Focus on supporting renewable energy and green projects, with PHP 898 billion in sustainable finance funded to date.

• Continued investment in digital banking and branch network expansion.

• Expect continued growth in fee businesses and stable asset quality.