Philippine banks that earned at least P10 billion in 2017
Do you know that five universal banks in the Philippines registered a net income of at least P10 billion each in 2017? Despite the low interest rate regime, BDO, BPI, Metrobank, LandBank and Security Bank chalked up net income between P10 billion and P28 billion, on record loans and deposits.
Here is the list of the five most profitable banks in the Philippines.
BDO Unibank Inc. – P28 billion
Bank of the Philippine Islands – P22.42 billion
Metropolitan Bank & Trust Company – P18.22 billion
Land Bank of the Philippines – P14.04 billion
Security Bank Corp. – P10.3 billion
BDO Unibank Inc., the largest bank led by Henry Sy, saw its net income rise 7 percent in 2017 to a record P28.1 billion, on strong lending and deposit growth.
Bank of the Philippine Islands (BPI), the country's fourth-largest lender, increased its net income by 1.7 percent in 2017 to P22.42 billion. "We come out of 2017 stronger than ever," BPI President and CEO Cezar Consing said.
Metropolitan Bank & Trust Co. (Metrobank) earned P18.22 billion in 2017, nearly unchanged from the 2016 level as higher interest earnings made up for the decline in treasury gains.
State-run Land Bank of the Philippines, the third-largest lender in terms of assets, grew its net income by 4 percent in 2017 to P14.05 billion from PhP13.58 billion in 2016, as income from loans rose 12 percent to P26.8 billion.
Security Bank Corp. said its net income improved 20 percent in 2017 to a record P10.3 billion, driven by a 22-percent increase in net interest income to P19.4 billion and a 15-percent growth in non-interest income to P5.7 billion.