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BDO 2020 Audited Financial Statements

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BDO 2020 Audited Financial Statements February 24, 2021 THE PHILIPPINE STOCK EXCHANGE, INC. 6/F PSE Tower, 5th A venue corner 28th Street Bonifacio Global City, Taguig City Attention: Ms. Janet A. Encarnacion Head, Disclosure Department PHILIPPINE DEALING AND EXCHANGE CORP. 29th Floor, BOO Equitable Tower 8751 Paseo de Roxas, Makati City 1226 Attention: Atty. Marie Rose M. Magallen-Lirio Head, Issuer Compliance and Disclosure Department Ladies and Gentlemen: Please find attached the Audited Financial Statements of BOO Unibank, Inc. and its Subsidiaries as of December 3 I, 2020 and the corresponding Notes to Financial Statements. Thank you. Very truly yours, ~Gf' SVP/Assistan~orporate Secretary and Alternate Corporate Information Officer r BOO Unibank, Inc. BDO Corporate Center 7899 Makati Avenue Makati City 0726 Philippines Swift Code BNORPHMM Tel +632 8840-7000 bdo.com.ph We find ways® BDO UNIBANK, INC. AND SUBSIDIARIES STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2020 AND 2019 (Amounts in Millions of Philippine Pesos) BDO Unibank Group Parent Bank Notes 2020 2019 2020 2019 R E S O U R C E S CASH AND OTHER CASH ITEMS 7 P 74,851 P 64,140 P 72,301 P 62,726 DUE FROM BANGKO SENTRAL NG PILIPINAS 7 308,636 309,040 305,079 306,938 DUE FROM OTHER BANKS 8 65,289 38,956 63,281 35,820 TRADING AND INVESTMENT SECURITIES 9 508,810 435,905 399,456 345,278 LOANS AND OTHER RECEIVABLES - Net 10 2,301,981 2,225,777 2,259,686 2,175,655 PREMISES, FURNITURE, FIXTURES AND EQUIPMENT - Net 11, 12 44,330 46,551 40,832 42,494 INVESTMENT PROPERTIES - Net 13 15,851 16,911 11,835 12,595 OTHER RESOURCES - Net 14 55,152 51,578 82,913 81,594 TOTAL RESOURCES P 3,374,900 P 3,188,858 P 3,235,383 P 3,063,100 LIABILITIES AND EQUITY DEPOSIT LIABILITIES 16 P 2,610,151 P 2,485,228 P 2,548,291 P 2,438,737 BILLS PAYABLE 17 209,744 167,524 202,867 147,321 SUBORDINATED NOTES PAYABLE 18 - 10,030 - 10,030 INSURANCE CONTRACT LIABILITIES 19 58,410 42,473 - - OTHER LIABILITIES 20 103,574 113,016 92,171 97,802 Total Liabilities 2,981,879 2,818,271 2,843,329 2,693,890 EQUITY 21 Attributable to: Shareholders of the Parent Bank 391,423 368,932 392,054 369,210 Non-controlling Interests 1,598 1,655 - - 393,021 370,587 392,054 369,210 TOTAL LIABILITIES AND EQUITY P 3,374,900 P 3,188,858 P 3,235,383 P 3,063,100 See Notes to Financial Statements. BDO UNIBANK, INC. AND SUBSIDIARIES STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (Amounts in Millions of Philippine Pesos Except Per Share Data) BDO Unibank Group Parent Bank Notes 2020 2019 2018 2020 2019 2018 INTEREST INCOME 22 P 157,031 P 160,572 P 129,040 P 149,697 P 153,081 P 122,615 INTEREST EXPENSE 23 23,331 40,681 30,748 22,400 38,581 28,720 NET INTEREST INCOME 133,700 119,891 98,292 127,297 114,500 93,895 IMPAIRMENT LOSSES - Net 9, 10, 14, 15 30,240 6,166 6,286 29,596 5,699 5,700 NET INTEREST INCOME AFTER IMPAIRMENT LOSSES 103,460 113,725 92,006 97,701 108,801 88,195 OTHER OPERATING INCOME 24 55,210 60,111 50,429 37,254 43,145 35,823 OTHER OPERATING EXPENSES 24 112,640 114,649 98,789 90,067 94,337 81,794 PROFIT BEFORE TAX 46,030 59,187 43,646 44,888 57,609 42,224 TAX EXPENSE 30 17,776 15,019 11,007 16,282 13,376 9,512 NET PROFIT P 28,254 P 44,168 P 32,639 P 28,606 P 44,233 P 32,712 Attributable to: Shareholders of the Parent Bank P 28,246 P 44,194 P 32,708 Non-controlling Interests 8 ( 26 ) ( 69 ) P 28,254 P 44,168 P 32,639 Earnings Per Share: 31 Basic P 6.37 P 10.02 P 7.40 Diluted P 6.37 P 10.02 P 7.40 See Notes to Financial Statements. BDO UNIBANK, INC. AND SUBSIDIARIES STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (Amounts in Millions of Philippine Pesos) BDO Unibank Group Parent Bank Notes 2020 2019 2018 2020 2019 2018 NET PROFIT P 28,254 P 44,168 P 32,639 P 28,606 P 44,233 P 32,712 OTHER COMPREHENSIVE INCOME (LOSS) Items that are or will be reclassified subsequently to profit or loss: Net unrealized gains (losses) on debt investments at fair value through other comprehensive income (FVOCI), net of tax 9 4,069 7,583 ( 4,984 ) 2,381 3,659 ( 2,475 ) Transfer of realized losses (gains) on disposed debt investments at FVOCI to statements of income, net of tax ( 50 ) 228 ( 143 ) ( 147 ) ( 7 ) ( 11 ) Impairment losses on debt investments at FVOCI 9 37 13 18 36 5 5 Net gains (losses) on FVOCI securities, net of tax 4,056 7,824 ( 5,109 ) 2,270 3,657 ( 2,481 ) Translation adjustment related to foreign operations ( 44 ) ( 1 ) 34 ( 8 ) ( 5 ) 1 4,012 7,823 ( 5,075 ) 2,262 3,652 ( 2,480 ) Items that will not be reclassified to profit or loss: Remeasurement on life insurance reserves ( 6,070 ) ( 5,046 ) 3,655 - - - Actuarial gain (losses) on remeasurement of retirement benefit obligation, net of tax 25 764 ( 2,355 ) ( 2,088 ) 732 ( 2,240 ) ( 2,052 ) Unrealized gains (losses) on equity investments at FVOCI, net of tax 9 579 79 ( 1,210 ) 869 ( 181 ) 54 ( 4,727 ) ( 7,322 ) 357 1,601 ( 2,421 ) ( 1,998 ) Share in other comprehensive income (loss) of subsidiaries and associates accounted for under equity method ( 10 ) 14 ( 9 ) ( 4,610 ) 34 ( 220 ) Other Comprehensive Income (Loss), net of tax ( 725 ) 515 ( 4,727 ) ( 747 ) 1,265 ( 4,698 ) TOTAL COMPREHENSIVE INCOME P 27,529 P 44,683 P 27,912 P 27,859 P 45,498 P 28,014 Attributable to: Shareholders of the Parent Bank P 27,505 P 44,675 P 28,025 Non-controlling Interests 24 8 ( 113 ) P 27,529 P 44,683 P 27,912 See Notes to Financial Statements. BDO UNIBANK, INC. AND SUBSIDIARIES STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018 (Amounts in Millions of Philippine Pesos) BDO Unibank Group Accumulated Net Unrealized Share in Other Total Attributable Fair Value Accumulated Remeasurement on Accumulated Comprehensive to Shareholders Additional Gains (Losses) on Actuarial Revaluation Life Insurance Translation Income (Loss) of the Non-controlling Notes Common Stock Preferred Stock Paid-in Capital Surplus Reserves Other Reserves Surplus Free FVOCI Losses Increment Reserves Adjustment of Associates Parent Bank Interests Total Equity BALANCE AT JANUARY 1, 2020 P 43,814 P 5,150 P 124,049 P 18,362 P 12 P 192,333 ( P 1,741 ) ( P 11,224 ) P 955 ( P 2,789 ) P 11 P - P 368,932 P 1,655 P 370,587 Transactions with owners 21 Issuance of shares during the year 28 - 278 - - - - - - - - - 306 - 306 Options transferred during the year - - - ( 54 ) - - - - - - - - ( 54 ) - ( 54 ) Options expensed during the year - - - 316 - - - - - - - - 316 - 316 Cash dividends - - - - - ( 5,600 ) - - - - - - ( 5,600 ) - ( 5,600 ) 28 - 278 262 - ( 5,600 ) - - - - - - ( 5,032 ) - ( 5,032 ) Total comprehensive income (loss) - - - - - 28,246 4,634 765 - ( 6,070 ) ( 60 ) ( 10 ) 27,505 24 27,529 Transfer from Surplus Free Trust reserve 21, 27 - - - 272 - ( 272 ) - - - - - - - - - Reversal of appropriation - - - ( 209 ) - 209 - - - - - - - - - Reversal of appropriation of excess GLLP over ECL - - - ( 830 ) - 830 - - - - - - - - - Other reserves 21 - - - 107 - ( 107 ) - - - - - - - - - - - - ( 660 ) - 660 - - - - - - - - - Disposals of equity securities classified as fair value through other comprehensive income (FVOCI) - - - - - ( 1,109 ) 1,115 - - - - - 6 - 6 Other adjustments Change in ownership interest in subsidiaries 29 - - - - 17 ( 5 ) - - - - - - 12 ( 81 ) ( 69 ) - - - - 17 ( 5 ) - - - - - - 12 ( 81 ) ( 69 ) BALANCE AT DECEMBER 31, 2020 P 43,842 P 5,150 P 124,327 P 17,964 P 29 P 214,525 P 4,008 ( P 10,459 ) P 955 ( P 8,859 ) ( P 49 ) ( P 10 ) P 391,423 P 1,598 P 393,021 - - - - - - - - - - P - - BALANCE AT JANUARY 1, 2019 As previously stated P 43,740 P 5,150 P 123,377 P 14,788 P 9 P 156,327 ( P 10,390 ) ( P 8,893 ) P 1,008 P 2,257 P 13 ( P 14 ) P 327,372 P 777 P 328,149 Effect of adoption of PFRS 16 2 - - - - - ( 847 ) - - - - - - ( 847 ) - ( 847 ) As restated 43,740 5,150 123,377 14,788 9 155,480 ( 10,390 ) ( 8,893 ) 1,008 2,257 13 ( 14 ) 326,525 777 327,302 Transactions with owners 21 Issuance of shares during the year 74 - 672 - - - - - - - - - 746 - 746 Options transferred during the year - - - 860 - - - - - - - - 860 - 860 Options expensed during the year - - - 890 - - - - - - - - 890 - 890 Cash dividends - - - - - ( 5,593 ) - - - - - - ( 5,593 ) - ( 5,593 ) 74 - 672 1,750 - ( 5,593 ) - - - - - - ( 3,097 ) - ( 3,097 ) Total comprehensive income (loss) - - - - - 44,194 7,862 ( 2,347 ) - ( 5,046 ) ( 2 ) 14 44,675 8 44,683 Transfer from Surplus Free Trust reserve 21, 27 - - - 272 - ( 272 ) - - - - - - - - - Other reserves 21 - - - 1,552 - ( 1,552 ) - - - - - - - - - - - - 1,824 - ( 1,824 ) - - - - - - - - - Disposals of equity securities classified as FVOCI - - - - - ( 689 ) 729 - - - - - 40 - 40 Other adjustments Change in ownership interest in subsidiaries 29 - - - - 3 689 58 16 - - - - 766 870 1,636 Disposal of properties 21 - - - - - 76 - - ( 53 ) - - - 23 - 23 - - - - 3 765 58 16 ( 53 ) - - - 789 870 1,659 BALANCE AT DECEMBER 31, 2019 P 43,814 P 5,150 P 124,049 P 18,362 P 12 P 192,333 ( P 1,741 ) ( P 11,224 ) P 955 ( P 2,789 ) P 11 P - P 368,932 P 1,655 P 370,587 - - - - - - - - - - - - BALANCE AT JANUARY 1, 2018 P 43,690 P 5,150 P 122,966 P 12,874 P 11 P 131,519 ( P 4,520 ) ( P 6,805 ) P 1,008 ( P 1,398 ) ( P 21 ) ( P 5 ) P 304,469 P 869 P 305,338 Transactions with owners 21 Issuance of shares during the year 50 - 411 - - - - - - - - - 461 - 461 Cash dividends - - - - - ( 5,585 ) - - - - - - ( 5,585 ) ( 27 ) ( 5,612 ) 50 - 411 - - ( 5,585 ) - - - - - - ( 5,124 ) ( 27 ) ( 5,151 ) Total comprehensive income (loss) - - - - - 32,708 ( 6,275 ) ( 2,088 ) - 3,655 34 ( 9 ) 28,025 ( 113 ) 27,912 Transfer from Surplus Free Trust reserve 21, 27 - - - 251 - ( 251 ) - - - - - - - - - Reversal of appropriations during the year 21 - - - ( 207 ) - 207 - - - - - - - - - Other reserves 21 - - - 1,870 - ( 1,870 ) - - - - - - - - - - - - 1,914 - ( 1,914 ) - - - - - - - - - Disposals of equity securities classified as FVOCI - - - - - ( 401 ) 405 - - - - - 4 - 4 Other adjustments 29 Additional capital contribution to a subsidiary - - - - - - - - - - - - - 49 49 Change in ownership interest in subsidiaries - - - - ( 2 ) - - - - - - - ( 2 ) ( 1 ) ( 3 ) - - - - ( 2 ) - - - - - - - ( 2 ) 48 46 BALANCE AT DECEMBER 31, 2018 P 43,740 P 5,150 P 123,377 P 14,788 P 9 P 156,327 ( P 10,390 ) ( P 8,893 ) P 1,008 P 2,257 P 13 ( P 14 ) P 327,372 P 777 P 328,149 See Notes to Financial Statements.
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