MANILA, Philippines – BDO Unibank Inc. (BDO), the main banking arm of the SM Group, has improved its ranking in the world’s top 1,000 banks list, according to a report by UK-based banking and finance magazine The Banker.
Based on the report, BDO now occupies the 251st spot from 396th place in 2012, or 145 notches higher.
The Banker said the improvement in BDO’s ranking is on the back of an enhanced overall performance, particularly in terms of Tier 1 capital, assets and profit.
For the Philippine country listing, BDO secured the number one spot, the publication said.
The Banker’s Top 1000 World Banks ranking has been setting the industry benchmark since 1970, providing comprehensive intelligence about the health and wealth of the banking sector.
The report enables investors and clients worldwide to assess the strength and weakness of the banks, identify banking partners for the future, and track the big movers and new arrivals in the sector.
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BDO has been one of the most profitable banks in the country, more than doubling its net income in the first half of 2013 to P14.1 billion from P5.8 billion in the same period in 2012.
As of end-June 2013, BDO remained well capitalized with a capital adequacy ratio (CAR) and Tier 1 capital ratio of 18.3 percent and 15.6 percent, respectively, well above the regulatory minimum.
With record earnings for the period already representing more than two-thirds of its P20.4-billion guidance for 2013, the bank is optimistic of hitting its year-end targets as it expands its businesses while responding to market challenges.
BDO has one of the country’s largest distribution networks, with 790 operating branches and over 2,000 ATMs nationwide.
It also has a branch in Hong Kong as well as 14 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.
BDO ranked as the largest bank in terms of total assets, loans, deposits, capital and trust funds under management based on published statements of condition as of March 31, 2013.