BDO Unibank Inc., the biggest lender led by the Sy Group, will pay cash dividends to stockholders for the second quarter following a record net profit of P57.1 billion last year.
BDO said in a disclosure to the stock exchange its board of directors approved the cash dividends in its regular meeting on May 27, 2023.
“Please be advised that the board of directors of BDO Unibank, Inc…. approved the declaration of regular cash dividends on common shares of BDO Unibank in the amount of P0.75 per share for the second quarter of 2023 payable on June 30, 2023 to all stockholders of record as of June 14, 2023,” it said.
The source of dividend payment was its surplus profits last year net of previously issued dividends less capital adjustments per relevant regulations.
BDO said despite the challenging business environment marked by higher interest rates and elevated inflation, its net income climbed 33.4 percent to a record P57.1 billion in 2022 from P42.8 billion in 2021 on the sustained strength of core businesses.
The 2022 results led to a return on average common equity of 13 percent, improving to 15.3 percent for the fourth quarter, from 10.5 percent in 2021 and 12.8 percent in 2019 before the onslaught of the pandemic.
The economic reopening triggered a 9-percent growth in gross customer loans. Total deposits climbed 14 percent, with net interest income growing by 14 percent to P149.2 billion.
Non-interest income rose 17 percent to P71.5 billion due to the strong performance of fee income, foreign exchange and fixed income client-flow businesses.