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Best Bank Awards

Philippines' best domestic bank 2017: BDO Unibank

BDO Unibank

BDO Unibank, under chief executive Nestor Tan, has always been ahead of the curve. It was the first big Philippines lender to extend opening hours beyond the previous 3pm cut-off time, bringing banking to evening commuters and weekend shoppers. It was a pioneer in private banking and asset management, with a sprawling network of branches that includes 26 remittance and representative offices across Asia, the Middle East and Europe. And it’s a bank always willing to peer a little further down the line: witness its acquisition, completed in 2015, of One Network Bank, the country’s fastest-growing rural lender, with 105 branches in poorer regions, where per-capita income and the need for financial services are expanding rapidly.

Manila-listed BDO Unibank outstrips its peers in every important metric; its market capitalization in early August was P562.6 billion ($11 billion), 25% higher than its chief domestic rival, Bank of the Philippine Islands. It continues to deliver robust results in a tough banking market, reporting a 15% rise in net interest income in 2016 to P57 billion, on a 16% increase in outstanding loans, and a 15% jump in total deposits.

And it has continued its strong performance, with a 6% annualized increase in net income in the first quarter of 2017. BDO has said it aims to generate profits of P28 billion in 2017, an annualized increase of 7.3 % .

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