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BDO Unibank FY'17 net profit rises 7% YOY

BDO Unibank Inc. reported a 7% year-over-year rise in net profit for the 2017 full year on the back of strong growth across all business segments.

The group posted full-year 2017 net profit attributable to shareholders of 28.07 billion Philippine pesos, in line with its earnings guidance, up from 26.23 billion pesos in the same period the prior year. EPS for the full year declined to 6.42 pesos from 6.81 pesos.

Excluding the consolidated effects of the life insurance business, the group reported a 15% rise in core earnings, amid solid growth in loans, low-cost deposits and fee income.

Net interest income increased to 81.75 billion pesos from 65.62 billion pesos, while net interest income after impairment losses climbed to 75.22 billion pesos from 61.81 billion pesos.

Net impairment losses for the full year came to 6.54 billion pesos, up from 3.82 billion pesos in the prior-year period. Profit before tax rose to 37.56 billion pesos from 33.04 billion pesos.

Noninterest income rose 13% year over year to 47.2 billion pesos, while fee-based income climbed 30% to 28.9 billion pesos. Insurance premium rose 23% to 9.9 billion pesos, while gross operating income grew 20% to 129.0 billion pesos.

The bank's gross nonperforming loan ratio came to 1.2% as of Dec. 31, 2017, down from 1.3% at the end of 2016.

As of Dec. 31, 2017, the bank's capital adequacy and common equity Tier 1 ratios stood at 14.5% and 12.9%, respectively.

As of Feb. 23, US$1 was equivalent to 51.80 Philippine pesos.