Banco de Oro Universal Bank reported a net profit of P4 billion for the first nine months of the year, 159 percent more than the P1.6 billion earned in the same period in 2008.

In a disclosure to the Philippine Stock Exchange, the bank said it earned a net income of P1.9 billion in the third quarter this year, or 70 percent higher compared to the previous quarter’s earnings.

Building on earlier gains and leveraging on its various competitive advantages, the Bank’s loans, deposits, net interest income and fee-based income sustained their growth.

Income from trading activities also increased given a more stable financial environment.

Gross customer loans expanded 16 percent year-on-year to P424.5 billion with continued broad-based demand from all market segments.

Deposits, likewise, rose 12 percent year- on-year to P643.8 billion with additional branch redeployments and steady growth in low-cost deposits.

Net interest income for the nine-month period grew 31 percent year-on-year to P22.3 billion. Interest income climbed 21 percent given the larger loan levels while interest expense went up by a slower 7 percent pace given an improved funding mix.

In spite of the possible impact of the recent typhoons, the Bank is maintaining a positive outlook for the rest of the year and next, and is optimistic about meeting its full-year profit target of P5.5 billion.