BDO likely to sustain record profit, CEO says

BDO UNIBANK, Inc., the Philippines’ biggest lender, expects to sustain record-high earnings this year on broad-based growth in lending, its chief executive said, easing investor worries over the impact of US tariffs.

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“It’s not ideal, it’s not what we want but we can live with it,” BDO Chief Executive Officer (CEO) Nestor V. Tan said on US tariffs in an interview with Bloomberg Television's Haslinda Amin on Tuesday. “I don’t think the banking sector will be affected that much. Of course there may be a slowdown.”

Washington began imposing this month a 19% tariff on Philippine goods, on par with most of its neighbors.

BDO, owned by the family of late billionaire Henry Sy, Sr. reported a net income of P40.6 billion ($710 million) in the first half of the year, up 3% from a year ago. Profit rose 12% to a record P82 billion for all of 2024.