One of the Philippines largest bank, the Banco De Oro (BDO) Unibank was named as “Best Bank in Asia for 2013” according to FinanceAsia during its Country Awards dinner held on September 13 at Fort Canning Hotel, Singapore.
The recognition of BDO as the first bank from the Philippines awarded with most coveted award shows that the Philippine banking sector is at par with the world’s best. According to FinanceAsia, a Hong Kong based authority in financial, capital markets and banking sector, cited that BDO performed well especially in profitability and loans to (–foul word(s) removed–)ets.
BDO is currently consider as the largest bank in the Philippines, with (–foul word(s) removed–)ets exceeding P1 trillion. The bank has also the biggest loan portfolio, deposit base and capital. The awards given to the Philippine-based bank BDO ended the winning streak of Malaysia’s Public Bank.
According to FinanceAsia BDO posted a record-high first semester net profit of P14.1 billion, with earnings already represents more than two-thirds of its P20.4 billion forecast for 2013.
FinanceAsia said the award was determined by ranking the winners of ‘best bank’ in each market on several criteria, with data provided by SNL Financial. The criteria included year-on-year change in profitability, net interest margin, loan-to-(–foul word(s) removed–)et ratios, return on equity, price-to-book ratios, non-performing loan levels and analyst ratings, as well as credit ratings.
Banco De Oro was chosen from a shortlist that included ICBC (China), HDFC (India), Bank Central Asia (Indonesia), Shinhan Financial (Korea), Public Bank (Malaysia), DBS (Singapore), CTBC (Taiwan) and Siam Commercial Bank (Thailand).
