BDO's net income jumps by a fifth

Banco de Oro Unibank Inc., the country's largest lender in terms of assets, reported that its earnings improved by a fifth in the year's first semester. BDO told the Philippine Stock Exchange on Tuesday that its earnings jumped 20 percent to P5 billion as net interest income grew to P17.1 billion, "driven by the faster-than-industry loan growth and an improved funding mix." "The bank continued to leverage on its strong business franchise to post above-industry growth and create a more diversified and sustainable revenue stream. BDO also continued to enhance its operating efficiency and strengthen its balance sheet. These resulted in improved shareholder returns and set the foundation for sustainable growth going forward," BDO said. Non-interest income climbed 22 percent to P10.4 billion owing to the "healthy growth in fee-based service income and favorable treasury gains." Operating expenses, on the other hand, also grew six percent to P18 billion. The lender said it expects to meet its full-year guidance of P10.5-billion in earnings. - CMA/OMG, GMA News