BDO’s profits up by 41% in 3rd quarter

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MANILA, Philippines — Banco de Oro Unibank posted a net profit of P5.7 billion in the third quarter of 2014, 41 percent more than a year ago due to higher interest earnings alongside a burgeoning industry-wide improvement in treasury earnings after a sluggish start in the year.

For the nine-month period, net profit amounted to P16.8 billion, 7.7 percent lower than the level in the same period last year but achieving nearly three-fourths of what the bank has committed to book for 2014.

“With these results, the bank is on track to achieving its full year target of P22.8 billion,” the bank told the Philippine Stock Exchange.

BDO chalked up P22.6 billion in net profit in 2013, a year marked by an extraordinary surge in trading gains. This year’s goal is slightly better than last year’s record-high level.

For the third quarter, BDO said, the double-digit rise in earnings was driven by “sustainable quality earnings from its commercial banking businesses.”

For the nine-month period, BDO said, its net interest income expanded by 21 percent year-on-year to P37.5 billion.

Non-interest income for the nine-month period amounted to P21.8 billion, 15.5 percent down from the level a year ago. The bank cited “steady results from fee-based services and treasury operations.”

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