Philippines' best domestic bank 2019: BDO Unibank
BDO Unibank is the commercial bank to beat in the Philippines. Led by veteran chief executive and president Nestor Tan, the Manila-based lender dominated much of the banking sector during the awards period.
It was by far the largest bank in the country, with total assets of P2.9 trillion ($55 billion), compared with P2.2 trillion for Metrobank, its nearest rival. It was the leading provider of remittance services, the top retail bank (with 1,134 branches), as well as the domestic bank with the most international branches and offices.
Plus it was among the frontrunners in investment banking, private banking, credit cards, leasing and insurance brokerage.
BDO Unibank reported a record net income of P32.7 billion in 2018, up from P28.1 billion the previous year, thanks to strong recurring earnings from its core businesses. Loans rose 15% to P2 trillion and deposits climbed 14% to P2.4 trillion, leading to an impressive 20% expansion in net interest income.
“Good execution of our strategy and key initiatives over the past year allowed us to further strengthen our various businesses and increase our client coverage,” says Tan. “These in turn translated to good financial results.”
Research analysts are only too happy to sing the bank’s praises.
“BDO Unibank is very focused and very aggressive,” says one local head of research. “They know where they stand and they know where they want to be.”
A Manila-based strategist adds: “BDO Unibank has a good strategy and it has consistently delivered.”