Best bank: BDO Unibank
BDO Unibank, the Philippines’ largest bank, turned in an exceptional financial performance in 2023, cementing its position as the country’s best bank.
AfE 2024
The bank achieved a record net income of $1.3 billion, marking a 29% increase from the previous year, with a return on common equity climbing to 15.2% from 13%.
Net interest income surged by 25% year on year, driven by a strong net interest margin of 4.65%, up from 4.15% in 2022. Non-interest income also saw a robust 17% growth. Moreover, the bank’s cost-to-income ratio improved from 59.4% to 58.0%, demonstrating enhanced operational efficiency. The market responded positively to the bank’s performance, as evidenced by a 24% increase in its market capitalization over the past year.
BDO Unibank’s balance sheet remained robust. Gross customer loans grew by 9% while deposits expanded by 11%.