BDO Unibank Inc., Banco De Oro, has been named the Best Bank in the Philippines by FinanceAsia for the fourth consecutive year according to a report on PhilSTAR.com. BDO is the main banking unit of the SM Group.
FinanceAsia noted BDO’s ability to stay ahead the competition in terms of it's strong business franchise, low-cost funding, quality assets and extensive distribution network.
“It has also diversified its business, expanding into consumer lending and middle-market businesses to complement its strength in corporate banking,” FinanceAsia added.
BDO’s wholly-owned subsidiary, BDO Capital and Investment Corp., was likewise recognized by FinanceAsia as the country’s Best Investment Bank and Best Equity House.
The international publication said BDO’s investment arm has established itself as the market-leading investment bank in the Philippines.
“It is helped by the pedigree of its parent companies – BDO Unibank and SM Investments. These relationships certainly make deal origination easier. But BDO Capital has plenty of pedigree in its own right and is the partner of choice for many international banks doing business in the Philippines,” it said.
In 2012, the bank’s net income stood at P14.3 billion, 36 percent more than the P10.5 billion profit in 2011 and higher than its P12.5 billion earnings guidance.
The first quarter income growth was driven by continuing expansion in loan portfolio and increase in deposits.
(Photo Source: bdo.com.ph)
Gross customer loans expanded 16 percent while total deposits increased nine percent, leading to a 14 percent increase in net interest income to P9.6 billion.
For 2013, the bank expects its net interest income to grow 12 percent to P40.5 billion from 2012’s P36.2 billion while non-interest income is seen to expand 28 percent to P31.2 billion from P24.4 billion in 2012.
With these, BDO sees its gross operating income for 2013 to increase 18 percent to P71.7 billion from the 2012 level of P60.6 billion.
As mentioned in a previous article regarding Philippines banking systems, I noted my asawa and I do business with BDO and have been very happy with the service we've received. The staff are always friendly, helpful and professional. Good to hear that they've been rated the best bank in the Philippines. Everyone has their favorite bank, of course. BPI has received some positive feedback in my earlier post.
I've also read information from other expats in the Philippines which give high marks to China Bank and Metrobank. Developing a good relationship with your bank management and staff could prove beneficial in helping you with your financial needs. Networking in the PHL is just as essential as networking was back in the States. The tellers at our local bank know me by name and greet me as I walk in the door. That's good customer service, in my books.