Saturday, May 29, 2010

Banco de Oro sees 2010 profit up over 30%

MANILA, Philippines - Banco de Oro Unibank Inc., the Philippines' largest lender by assets, expects its net profit to grow more than 30% this year to around P8 billion ($175 million), its president said on Friday.

Nestor Tan told Reuters the bank, a unit of conglomerate SM Investments Corp., which is owned by the country's richest man, Henry Sy, expects its net profit this year to increase by "about a third."

Banco de Oro posted a net profit of P6.1 billion in 2009, climbing nearly 3 times from 2008.

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