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Banco de Oro posts P1.3-B loss in 3rd quarter.
Byline: Doris C. Dumlao
RETAIL TYCOON HENRY SYS Banco de Oro Unibank (BDO) suffered a net loss of P1.3 billion in the third quarter, its first quarterly loss in many years, primarily due to provisions set aside for its exposure to the bankrupt US investment bank Lehman Brothers.
As a result, the net profit of the countrys second largest bank for the nine months to September dropped 78 percent to P1.06 billion. BDOs net profit in the same period last year was P4.88 billion.
BDOs shares tumbled by 23.73 percent to close at P22.50 at the Philippine Stock Exchange yesterday.
The declaration of bankruptcy by Lehman Brothers Holdings Inc. caused …
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