BDO Unibank Inc. bagged this year’s Mortgage Product of the Year Award at The Asian Banker (TAB) Philippines Country Awards 2018.
The country’s largest bank was able to keep its 30% share of the outstanding loans in the market through its strong branch network, The Asian Banker said. BDO, to date, has more than 1,000 branches nationwide, the widest in the country.
In handing the award, The Asian Banker said it was through the bank’s extensive network that its consumer loans business was able to take advantage of opportunities in high-growth areas, particularly in the provinces. The bank’s provincial lending increased by 28% year-on-year, driven mainly by home loans.
Meanwhile, The Asian Banker also noted BDO’s strategic partnerships with top developers in the country, which it said contributed to the growth of the bank’s home mortgage loans and overall consumer loans.
“The bank’s mortgage book grew by 16% during the first half of the year. This was also due to its synergies with the parent corporation, SM Group, for example, home mortgage financing for SM property projects. It was also due to strategic partnerships with top developers such as Century Properties Group,” The Asian Banker said in an earlier press statement.
“Leveraging on its superior position in the market, BDO is able to offer competitive interest rates and promotions on a wide range of home loan options, with a five day processing period, allowing the bank to increase its mortgage loans. The bank was able to do so while maintaining a stable level of non-performing loans over the last five years, that was significantly lower than the system non-performing loans (NPL) of 2.8,” The Asian Banker added.
Prior to winning this year’s Mortgage Product of the Year, the bank also won last year’s Mortgage Business of the Year.