Higher goals set for BDO in 2018

The Sy-led Banco de Oro Unibank (BDO Unibank) has set to a lofty PHP31 billion its net income guidance for 2018 on the heels of a record-high PHP28.1 billion net income last year. (Photo: By Hans Olav Lien – Own work, CC BY-SA 3.0)

MANILA — The Sy-led Banco de Oro Unibank (BDO Unibank) has set to a lofty PHP31 billion its net income guidance for 2018 on the heels of a record-high PHP28.1 billion net income last year.

In a disclosure with the Philippine Stock Exchange (PSE) Friday, the bank said its 2017 income was boosted by a strong rise of loans and deposits and fee-based business.

In a briefing Friday, BDO president and CEO Nestor Tan said their core business, namely loans, deposits and fees, “will carry us. And that will be the momentum we built up for the last five years.” Tan said the increasing interest rate is a plus on the bank’s earnings this year.

He, however, cited that they will focus more on their micro, small and medium enterprise (MSME) lending business through One Network Bank (ONB), as well as on wealth management and financial planning business. “So basically, the core business will lift us but we will still continue to invest in our new businesses so that we will have big growth three to five years from now,” he added.

In the first quarter of 2018, the bank reported a steady growth in net income at PHP5.9 billion.