BDO Unibank Inc., one of the country’s main banking providers reported an optimistic income of P44.2 billion in 2019 and P8.8 billion in 2020, as reported by its President and Chief Executive Officer Nestor Tan during the bank’s virtual annual stockholders’ meeting.
Among the important points discussed during the said online congregation include the bank’s additional measures against the coronavirus disease 2019 (COVID-19) which has struck the economy of the country.
Despite working with a skeletal crew, BDO continued to support and service clients during the enhanced community quarantine in cash withdrawals, loans, and payments with ensured health, safety, and security measures for the sake of BDO employees and clients.
BDO also had set aside P20 billion in additional provisions, which Mr. Tan said was “anticipatory in nature.”
“We are not yet experiencing losses. The additional provisions are meant to safeguard our balance sheet and will not impair our capital which is strong enough to withstand near-term shocks,” Tan explained.
The bank’s chief also assured that BDO’s position remains strong despite the additional provisions, citing BDO’s plan to continue with its regular quarterly dividends.
BDO had earlier paid out P0.30 per share cash dividend on common shares for 1Q 2020 and declared the same for 2Q 2020 payable on June 29, 2020 to all stockholders of record as of June 17, 2020.
Tan then thanked BDO customers and stakeholders for their continued support amid the COVID-19 outbreak.
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