Double digit growth for Banco do Oro
(1 March 2012 – Asia) The Philippines’ Banco de Oro Unibank has produced record results with profits up 10 percent to US$244 million (A$225 million) for the year.
It also noted double-digit growth in fee-based earnings and trading gains while outpacing industry loan growth. Return on equity stood at 11.7 percent.
The bank said it will continue to take advantage of promising growth opportunities across industry and geographic segments while positioning defensively against potential external or industry threats.
Banco de Oro (which translates into "Bank of Gold") saw its loans rise by 24 percent last year to US$15.6 billion against an industry growth of 19 percent by focusing on wealthy borrowers in high growth sectors.
BDO, however, reported a flat net interest income compared to 2010 because of too much money in circulation. BDO recorded a 17 percent growth in non-interest income to US$487 million.
Gross non-performing loans (NPLs) as a ratio of total loans dropped to 3.4 percent last year from 4.7 percent in 2010.
BDO Unibank is owned by the SM Group of Companies, one of the country's largest conglomerates and owner of the SM chain of malls.
The bank said it will continue to take advantage of promising growth opportunities across industry and geographic segments while positioning defensively against potential external or industry threats.
Banco de Oro (which translates into "Bank of Gold") saw its loans rise by 24 percent last year to US$15.6 billion against an industry growth of 19 percent by focusing on wealthy borrowers in high growth sectors.
BDO, however, reported a flat net interest income compared to 2010 because of too much money in circulation. BDO recorded a 17 percent growth in non-interest income to US$487 million.
Gross non-performing loans (NPLs) as a ratio of total loans dropped to 3.4 percent last year from 4.7 percent in 2010.
BDO Unibank is owned by the SM Group of Companies, one of the country's largest conglomerates and owner of the SM chain of malls.
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