As the coronavirus pandemic continues to wreak havoc on the global economy, BDO set aside P22.4 billion worth of loan loss buffer in the first semester, of which P20 billion was made in the second quarter alone.Without the loss provisions, operating income grew by 17 percent as core businesses held up well despite the COVID-19 pandemic, BDO disclosed to the Philippine Stock Exchange on Monday.
“By recognizing the provisions upfront, the bank can now focus on growing its business as restrictions under ECQ/GCQ are gradually relaxed,” BDO said in its disclosure.
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