Today BDO will Reached its P13-B Net Income
A net income of P13.2 B in the first half of the year was posted by BDO Unibank Inc. today. It was a result of improvement happening in the company according to its financial results from January to June 2016.
BDO said fee-based business, deposit taking, and core lending were bank’s main drivers for improving. Due to a merging of ONB and BDO life, the operating expenses increased by 31 percent which much higher comparing last year. With the merging of the two companies, the expenses also increased involving business expansion, onetime expenses, and renegotiation last year.
The bank said “, Trading and foreign exchange income normalized and contributed P2.9 billion for the semester. Other income inclusive of the one-time gain from the consolidation of the bank’s life insurance business settled at P8.6 billion. Without consolidation effects and one-off gains, other income grew by 13 percent.”
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