Update on BDO Profits in PH amid COVID-19 Crisis
BDO PROFITS – BDO Unibank, one of the biggest banks in the Philippines, reached billions in the first half of 2021 despite the crisis.
It has been more than a year now since a bigger challenge embraced many businesses – the demands of the COVID-19 pandemic. For several times, the quarantine measures affected the operation of several businesses most especially those offering products and services outside the basic needs of the people.
Unfortunately, many companies were not able to cope with the demands of the current situation and had to close. Many business owners who decided to close their business cited financial problems on rents and other expenses. Not only small firms close but as well as big ones.
On the other side, there are businesses that either stayed afloat or soared high amid the pandemic. Undeniably, some of these businesses are banking companies.
BDO Unibank, one of the biggest banks in the Philippines, grew in deposits amid the situation now. Based on a report on ABS-CBN News, BDO profits were at P21.4 billion for the first half of 2021.
According to the report, customer loans were at P2.3 million – unmoved compared to the same period in 2020 while the total deposits increased to P2.7 trillion. The bank said that its current and savings account deposits have a 13% growth.
BDO credited its “solid balance sheet, healthy digital capital position and sustained earning performance” as factors putting the bank in a good state to leverage on the move for the recovery of the economy of the country.
With regards to the provisions of BDO, the bank reportedly reached P6.8 billion as it continues to prepare for hard possibilities that may be caused by the pandemic. The bank’s non-performing loan ratio went below the 4-5% estimate for a worst-case scenario as it hit 3.1%.
READ ALSO: NEDA Reveals How Much PH Economy May Lose amid NCR Lockdown
