BDO assets grow by a fifth in Q1

Sy-owned Banco de Oro Unibank Inc., the country's largest lender in terms of assets, on Monday reported that its earnings for the first three months of the year grew by nearly a fifth, lifted by revenues from its various services and products. In a statement posted at the Philippine Stock Exchange, the bank said its "unaudited" net income for the January to March period jumped 18 percent to P2.07 billion. "The growth was a result of the bank's diversified revenue stream and tempered growth in operating expenses and conservative provisioning," BDO said. Net interest income rose two percent to P8.5 billion as gross customer loans reached P542.3 billion, a 16-percent hike. Total deposits, on the other hand, climbed 10 percent to P746.2 billion. Non-interest income, meanwhile, rose 25 percent to P5.4 billion. Operating expenses posted a four-percent rise to P8.8 billion. Capital adequacy ratio, which measures the bank's ability to pay its liabilities, "remained healthy" at 14 percent. -- CMA/OMG, GMA News