“[Growth in our core business will be] lower than what it used to be historically. But coming from 2008, we expect 2009 to be better,” Nestor V. Tan, bank president, told reporters at the sidelines of a Tuesday night ceremony sealing BDO and Citi’s partnership on non-immigrant US visa fee collections.
He did not provide targets for net income or lending growth.
BDO posted a net income of P2.2 billion last year, 66% lower compared to the P6.6 billion in 2007 due to poor gains from its treasury operations as well as provisions for exposure to bankrupt US investment bank Lehman Brothers. Its gross customer loans grew by 32% to P392.8 billion, driven by loans to corporate, middle market and consumer clients.