BDO faces gloomy earnings prospects

Citing results of a meeting with the BDO management, J.P. Morgan said “bank earnings would surprise negatively throughout 2009 and maintain neutral.”

It expects BDO loans to expand by just 8-10% this year, a marked deceleration from an average of 25% over the past two years as the Sy-controlled bank adopts a cautious lending stance in the face of slowing economic growth. The bank posted a 35% growth in its loan books by the end of the third quarter in 2008.

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