MANILA, Philippines - Banco de Oro Unibank Inc. (BDO) is now among the top 400 banks worldwide as it improved its ranking in the latest survey by UK-based financial publication The Banker.
BDO, the main banking arm of the SM Group of Companies and the country’s largest bank in terms of assets, improved its ranking by 40 notches from 436th in 2009 to 396th to this year.
The rankings are based on the definition of Tier 1 capital as prescribed by Basel’s Bank for International Settlements (BIS), considered as the central banks of all central banks.
“The object of the survey is to show the bank’s soundness in relation to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets of four percent and a minimum ratio of total capital to risk-weighted assets of eight percent,” according to The Banker.
BDO, which leads the industry in corporate, retail, investment banking and insurance services, has also been a recipient of various accolades from both local and international award-giving bodies, including Euromoney, FinanceAsia, Asiamoney and Wall Street Journal.
In the first semester this year, the country’s leading commercial bank reported a net income of P4.1 billion, doubled from the same period last year.
In 2009, BDO realized net earnings of P6.1 billion, slightly lower than its record-high earnings of P6.57 billion in 2007.
BDO president Nestor V. Tan earlier said he was confident the bank’s 2010 full year income target of P8.1 billion was achievable.
It presently operates 704 branches (including 20 overseas offices and branches) and 1,200 ATMs, and the impending acquisition of Export and Industry Bank would add another 50 branches most of which are strategically located in Metro Manila.
Tan said another 30 branches would be deployed within the year.
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Source: Philippine Star