COVER SHEET

3 4 0 0 1
S.E.C. Registration Number

B D O U N I B A N K , I N C .

(COMPANY'S FULL NAME)

B D O C O R P O R A T E C E N T E R , 7 8 9 9

M A K A T I A V E N U E , M A K A T I C I T Y
(BUSINESS ADDRESS: NO. STREET CITY/TOWN/PROVINCE)

RUBY A. CRUZ 856-7434/840-7000 loc 4575

Contact Person Company Telephone Number

0 3 3 1 S E C 1 7 - Q Every last Friday of the month of May

Month Day Form Type
Annual Meeting

Secondary License type, if applicable

C F D
Dept. Requiring this Doc. Amended Articles Number/Section

12,838 Total Amount of Borrowings

Total No.of Stockholders
Domestic Foreign

To be Accomplished by SEC Personnel concerned

File Number LCU

Document I.D. Cashier

Stamps

Remarks: Pls. Use black ink of scanning purposes

 SECURITIES AND EXCHANGE COMMISSION

SEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES

REGULATION CODE AND BRC RULES 17 (2) (b) THEREUNDER

1. For the quarter ended March 31, 2015.

2. Commission identification number 34001 3. BIR Tax Identification No. 000-708-174-000

BDO UNIBANK, INC.

4. Exact name of issuer as specified in its charter

Makati City, Philippines

5. Province, country or other jurisdiction of incorporation or organization

6. Industry Classification Code (For SEC Use Only)

BDO Corporate Center, 7899 Makati Avenue, Makati City

7. Address of issuer's principal office Postal Code

856-7434/840-7000 LOC 4575

8. Issuer's Telephone number, including area code

NA
9. Former name, former address and former fiscal year, if changed since last report

10. Securities registered pursuant to Section 8 and 12 of the Code of Section 4 and 8
of the RSA
Number of shares of Amount of
Title of each class common stock outstanding Debt Outstanding
Common stock 3,580,875,328

11. Are any or all of the securities listed on a stock exchange?

Yes [X] No. [ ]
If yes, state the name of such stock exchange and the class/es of securities listed
therein: Philippine Stock Exchange -Common Stock

12. Indicate by check mark whether the registrant:

a. has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17
thereunder or Section 11 of the RSA and RSA 11 (a)-1 thereunder, and Section 26
and 141 of the Corporations Code of the Philippines, during the preceding twelve (12)
months or such shorter period the registrant was required to file such reports.

Yes [X] No. [ ]

b. has been subject to such filing requirements for the last ninety (90) days
Yes [X] No. [ ]
SEC FORM 17-Q

I hereby certify that all the information set forth in the above report are true and correct

of my own knowledge.

LUCY CO DY (EVP Comptroller)

Authorized Signatory
(PRINTED NAME & DESIGNATION)

REPUBLIC OF THE PHILIPPINES }

CITY OF MAKATI } S.S.

SUBSCRIBED AND SWORN TO before me this ______________________ day of May,

2015, the above affiant exhibiting to me his/her described Competent Evidence of Identity (“CEI”):

Name CEI Date & Place Issued

Lucy Co Dy Passport - EB1933736 02.17.2011/Manila

CTC – 04952159 02.27.2015/Makati City

Notary Public

Doc. No.
Page No.
Book No.
Series of

* To be signed by any of the following officers pursuant to a Board Resolution filed with the Commission
1. Chief Operating Officer
2. Chief Financial Officer
3. Comptroller or Treasurer

Note: Original signed

SIGNATURES

Pursuant to the requirements of the Securities Regulation Code, the issuer has duly caused this report
to be signed on its behalf by the undersigned thereunto duly authorized.

Issuer........................................................................................................... BDO UNIBANK, INC.

Signature and Title................................................................................. LUCY CO DY

EVP/COMPTROLLER

Date.......................................................................................................... May 5, 2015

Principal Financial /Accounting

Officer/Comptroller................................................................................ LUCY CO DY

Signature and Title.................................................................................

EVP/COMPTROLLER

Date......................................................................................................... May 5, 2015

Note: Original signed

 BDO UNIBANK, INC. & SUBSIDIARIES
BDO Corporate Center, 7899 Makati Avenue, Makati City

CONDENSED STATEMENTS OF FINANCIAL POSITION

(Amounts in Millions of Pesos)

Audited
As of As of
March 31, 2015 December 31, 2014
RESOURCES

CASH AND OTHER CASH ITEMS P 26,407 P 41,342

DUE FROM BANGKO SENTRAL NG PILIPINAS 352,504 269,542
DUE FROM OTHER BANKS 36,471 45,621
INVESTMENT SECURITIES
At Fair Value Through Profit or Loss 8,899 8,768
Available-for-Sale – net 225,637 212,742
LOANS AND OTHER RECEIVABLES–net 1,134,979 1,212,930
BANK PREMISES, FURNITURE, FIXTURES AND EQUIPMENT – net 21,579 21,093
INVESTMENT PROPERTIES 13,145 13,861
EQUITY INVESTMENTS – net 5,626 5,332
DEFERRED TAX ASSETS 5,975 6,033
OTHER RESOURCES - net 23,154 26,385

TOTAL RESOURCES P 1,854,376 P 1,863,649

LIABILITIES AND CAPITAL FUNDS

DEPOSIT LIABILITIES P P
Demand 84,323 85,807
Savings 892,900 872,976
Time 514,908 533,499
Total Deposit Liabilities 1,492,131 1,492,282
BILLS PAYABLE 102,197 100,361
SUBORDINATED NOTES PAYABLE 10,030 10,030
OTHER LIABILITIES 69,038 81,307
Total Liabilities 1,673,396 1,683,980

EQUITY
Attributable to Shareholders of the Parent Company 180,370 179,036
Minority Interest 610 633
Total Equity 180,980 179,669

TOTAL LIABILITIES AND EQUITY P 1,854,376 P 1,863,649

CONTINGENT

Trust department accounts P 841,913 P 817,447

Unused commercial letters of credit 46,386 54,109
Outstanding guarantees issued 6,245 3,446
Export L/Cs Confirmed 2,117 240
Bills for collection 7,293 6,978
Late deposits/payment received 3,123 3,318
Spot Exchange Bought 11,384 2,522
Spot Exchange Sold 19,589 7,111
Forward Exchange Bought 138,053 121,434
Forward Exchange Sold 144,650 140,322
Interest Rate Swap Receivable 14,093 8,756
Interest Rate Swap Payable 14,093 8,756
Other Contingent Accounts 149,959 137,953
TOTAL CONTINGENT ACCOUNTS P 1,398,898 P 1,312,392

Note: This Financial Statement is in accordance with Philippine Financial Reporting Standards(PFRS)
 BDO UNIBANK, INC. & SUBSIDIARIES
BDO Corporate Center, 7899 Makati Avenue, Makati City

CONDENSED STATEMENTS OF INCOME

(Amounts in Millions of Pesos Except Per Share Data)

For the three-month For the three-month

Period ended Period ended
March 31, 2015 March 31, 2014

INTEREST INCOME ON
Loans and Receivables P 14,561 P 12,324
Investment Securities 1,874 1,998
Due from Other Banks 332 802
Others 3 3

Total Interest Income 16,770 15,127

INTEREST EXPENSE ON
Deposit liabilities 2,846 2,497
Bills Payable and Others 668 497

Total Interest Expense 3,514 2,994

NET INTEREST INCOME 13,256 12,133

IMPAIRMENT LOSSES 1,168 1,293

NET INTEREST INCOME AFTER IMPAIRMENT LOSSES 12,088 10,840

OTHER OPERATING INCOME

Service Charges, Fees and Commissions 3,593 3,387
Trading Gain – net 3,165 1,738
Trust Fees 691 618
Foreign Exchange Gain/(Loss) – net 265 488
Miscellaneous – net 1,058 847

Total Other Operating Income 8,772 7,078

OTHER OPERATING EXPENSES

Employee Benefits 3,817 3,367
Occupancy 1,510 1,317
Taxes and licenses 1,535 1,346
Security, Clerical, Messengerial and Janitorial 612 574
Insurance 789 673
Advertising 679 696
Litigation/Assets Acquired 34 143
Miscellaneous 4,323 3,784

Total Other Operating Expenses 13,299 11,900

INCOME BEFORE TAX 7,561 6,018

TAX EXPENSE (INCOME) 1,434 547

NET INCOME AFTER TAX P 6,127 P 5,471

ATTRIBUTABLE TO:
Equity holders of the parent P 6,121 P 5,474
Minority Interest 6 (3)

P 6,127 P 5,471

AVERAGE COMMON STOCK 3581 3851

INCOME PER SHARE (See annex A)

Basic 1.61 1.43
Diluted 1.61 1.43

Note: This Financial Statement is in accordance with Philippine Financial Reporting Standards(PFRS)
 BDO UNIBANK, INC. & SUBSIDIARIES
BDO Corporate Center, 7899 Makati Avenue, Makati City

STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in Millions of Pesos)

For the three-month For the three-month

period ending period ending
March 31, 2015 March 31, 2014

NET PROFIT 6,127 5,471

OTHER COMPREHENSIVE INCOME(LOSS)

Net unrealized fair value gains(losses)

on available-for-sale securities (171) 1,017
Translation adjustment related to foreign operations 38 (22)

Other Comprehensive Income, net of tax (133) 995

Items that will not be reclassified to profit or loss:

Actuarial gains (losses) on remeasurement of retirement
benefit asset, net of tax (4) 6
(4) 6

Total Other Comprehensive Income, Net of Tax (137) 1,001

TOTAL COMPREHENSIVE INCOME(LOSS) 5,990 6,472

Attributable To:
Shareholders of the Parent Bank 5,970 6,468
Non-controlling Interest 20 4
5,990 6,472

Note: This Financial Statement is in accordance with Philippine Financial Reporting Standards(PFRS)
 BDO UNIBANK, INC. & SUBSIDIARIES
BDO Corporate Center, 7899 Makati Avenue, Makati City

STATEMENTS OF CHANGES IN EQUITY

COMPARATIVE PERIODS ENDED MARCH 31, 2015 AND 2014
(Amounts in Millions of Pesos)

Net Unrealized
Total Atributable
Fair Value Accumulated Accumulated Non-
Common Preferred Additional Paid- Surplus Other Revaluation to Shareholders
Surplus Free Gain(Losses) on Actuarial Translation Controlling Total Equity
Stock Stock in Capital Reserves Reserves Increment of the Parent
Available-for-sale Gains/(Losses) Adjustment Interest
Bank
Securities

Balance at January, 2015 P 35,808 P 5,150 P 63,908 P 3,454 P 12 P 70,242 P 2,965 (P 3,454) P 1,027 (P 76) P 179,036 P 633 P 179,669

Transactions with owners

Cash Dividend (4,636) (4,636) (43) (4,679)
Total transactions with owners 0 0 0 0 0 (4,636) 0 0 0 0 (4,636) (43) (4,679)

Total comprehensive income 6,121 (178) (4) 31 5,970 20 5,990

Transfer to/(from) Surplus Free

Trust reserve 44 (44) 0 0
Self Insurance 6 (6) 0 0
0 0 0 50 0 (50) 0 0 0 0 0 0 0

Balance at March 31, 2015 P 35,808 P 5,150 P 63,908 P 3,504 P 12 P 71,677 P 2,787 (P 3,458) P 1,027 (P 45) P 180,370 P 610 P 180,980

Balance at January, 2014 P 35,808 P 5,150 P 63,908 P 2,994 P 12 P 55,756 P 2,609 (P 3,407) P 1,027 (P 146) P 163,711 P 643 P 164,354

Transactions with owners

Cash Dividends (4,636) (4,636) (37) (4,673)
Total transactions with owners 0 0 0 0 0 (4,636) 0 0 0 0 (4,636) (37) (4,673)

Total comprehensive income 5,474 1,010 6 0 (22) 6,468 4 6,472

Transfer to/(from) Surplus Free

Trust reserve 36 (36) 0 0
0 0 0 36 0 (36) 0 0 0 0 0 0 0

Other Adjustments
Consolidation of a new subsidiary 17 17 17
0 0 0 0 0 17 0 0 0 0 17 0 17

Balance at March 31, 2014 P 35,808 P 5,150 P 63,908 P 3,030 P 12 P 56,575 P 3,619 (P 3,401) P 1,027 (P 168) P 165,560 P 610 P 166,170
 BDO UNIBANK, INC. & SUBSIDIARIES
CASH FLOW STATEMENTS
FOR THE PERIODS ENDED MARCH 31, 2015 AND 2014
(Amounts in Millions of Pesos)

2015 2014

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 7,561 6,018
Adjustments for:
Interest income (16,770) (15,127)
Interest received 17,528 16,235
Interest expense 3,514 2,994
Interest paid (3,406) (3,482)
Impairment losses 1,168 1,293
Depreciation and amortization 884 738
Share in (profit)loss of associates (196) (122)
Fair value loss (gain) 388 (265)
Operating profit before changes in operating
resources and liabilities 10,671 8,282
Decrease (increase) in financial assets at fair value
through profit or loss (733) 1,635
Decrease (increase) in loans and other receivables 11,934 (52,363)
Decrease (increase) in investment properties 689 362
Decrease (increase) in other resources 1,990 (1,213)
Increase (decrease) in deposit liabilities (284) (10,494)
Increase (decrease) in other liabilities (16,852) (6,082)
Cash generated from (used in) operations 7,415 (59,873)
Cash paid for income tax (407) (282)

Net Cash From (Used in) Operating Activities 7,008 (60,155)

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of premises, furniture, fixture and equipment (1,211) (1,076)
Proceeds from disposals of premises, furniture, fixture and equipment 23 9
Proceeds from disposal of available-for-sale securities 92,298 141,751
Acquisition of available-for-sale securities (105,353) (101,791)

Net Cash From (Used in) Investing Activities (14,243) 38,893

CASH FLOWS FROM FINANCING ACTIVITIES

Net proceeds from(payment of) bills payable 1,860 (12,360)
Proceeds from (redemtion of) subordinated notes payable 0 (3,000)
Dividends paid (43) (1,450)

Net Cash From (Used in) Financing Activities 1,817 (16,810)

NET INCREASE (DECREASE) IN CASH

AND CASH EQUIVALENTS (5,418) (38,072)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

Cash and other cash items 41,342 27,824
Due from Bangko Sentral ng Pilipinas 269,542 408,383
Due from other banks 45,621 26,939
SPURRA 86,173 8,407

442,678 471,553

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD

Cash and other cash items 26,407 20,890
Due from Bangko Sentral ng Pilipinas 352,504 377,397
Due from other banks 36,471 26,180
SPURRA 21,878 9,014

437,260 433,481
 BDO UNIBANK, INC. & SUBSIDIARIES
BDO Corporate Center, 7899 Makati Avenue, Makati City

AGING OF LOANS AND ACCOUNTS RECEIVABLE

As of March 31, 2015
(Amounts in Millions of Pesos)

ITEMS IN
TYPE OF ACCOUNTS CURRENT 61 – 180 DAYS 181 - 360 DAYS OVER 360 DAYS TOTAL
LITIGATION

A. INTERBANK TERM LOANS RECEIVABLES P 25,173 P 0 P 0 P 0 P 0 P 25,173

B. LOANS AND RECEIVABLES P 1,116,518 P 4,859 P 2,531 P 6,603 P 2,641 P 1,133,152

Loans & Discounts 942,502 2,903 1,924 3,246 2,350 952,925

Agra-Agri Loans 49,002 9 4 19 0 49,034
Bills Purchased 15,632 0 0 24 2 15,658
Customers Liability on Draft under LC/TR 44,765 58 4 579 20 45,426
Customers Liability for this Bank's Acceptances 2,164 0 0 0 0 2,164
Credit Card Receivables 31,921 1,791 530 425 196 34,863
Restructured Loans 36 0 0 915 54 1,005
Other Loans & Receivables 5,967 98 69 1,225 19 7,378
Reverse Repurchase Agreement 21,878 0 0 0 0 21,878
Unquoted Debt Securities Classified as Loans 2,651 0 0 170 0 2,821

C. ACCOUNTS RECEIVABLE P 5,365 P 442 P 137 P 706 P 3 P 6,653

TOTAL P 1,147,056 P 5,301 P 2,668 P 7,309 P 2,644 P 1,164,978

 Annex A

BDO UNIBANK, INC. & SUBSIDIARIES

7899, BDO Corporate Center, Makati Avenue, Makati City

COMPUTATION OF WEIGHTED NUMBER OF COMMON SHARES

(Amounts in Millions of Pesos Except Per Share Data)

2015 2014
NO. OF SHARES – COMMON Outstanding Balance Average Number of Outstanding Balance Average Number of
As of March of Common Shares Common Shares of Common Shares Common Shares

January 3,581 3,581

February 3,581 3,581
March 3,581 3,581 3,581 3,581

Weighted Average 3,581 3,581

Basic Earnings per share

Net profit attributable to shareholders of the Parent Bank 6,121 5,474

Less: Dividends on preferred shares 339 339
Net profit available to common shares 5,782 5,135
Divided by the weighted average number of
outstanding common shares 3,581 3,581
Basic Earnings per share 1.61 1.43

Diluted Earnings Per Share

Net profit attributable to shareholders of the Parent Bank 5,782 5,135
Divided by the weighted average number of
outstanding common shares:
Weighted Average number of common shares 3,581 3,581
Potential common shares from assumed conversion of preferred shares 0 0
Potential common shares from assumed conversion of stock option plan 0 0
Total weighted average number of common shares after assumed
conversion of convertible preferred shares 3,581 3,581
Diluted Earnings Per Share 1.61 1.43

Note:
*Net profit attributable to shareholders of the Parent Bank is reduced by dividends on preferred shares as these
were not assumed to be converted. Potential common shares from assumed conversion of these preferred shares
are anti-dilutive in 2015 and 2014.
BDO Unibank, Inc. & Subsidiaries
Balances by Segment
As of March 31, 2015
(Amounts in Millions of Pesos)

Commercial Banking Investment Banking Private Banking Leasing & Finance Others Total Eliminations Group

Statement of Income
Total Interest Income
External 16,062 21 301 370 16 16,770 0 16,770
Inter-Segment 49 1 0 0 2 52 (52) 0
16,111 22 301 370 18 16,822 (52) 16,770

Total Interest Expense

External 3,346 0 65 103 0 3,514 0 3,514
Inter-Segment 3 18 0 23 8 52 (52) 0
3,349 18 65 126 8 3,566 (52) 3,514

Net Interest Income 12,762 4 236 244 10 13,256 0 13,256

Other Operating Income

Investment Banking Fees 0 131 0 0 0 131 0 131
Others 8,059 73 432 235 570 9,369 (728) 8,641
8,059 204 432 235 570 9,500 (728) 8,772

Other Operating Expenses

Depreciation and Amortization 705 9 13 151 6 884 0 884
Impairment Losses 1,143 0 0 25 0 1,168 0 1,168
Others 11,667 159 280 125 220 12,451 (36) 12,415
13,515 168 293 301 226 14,503 (36) 14,467

Profit before Tax 7,306 40 375 178 354 8,253 (692) 7,561
Tax Expense 1,240 18 76 47 53 1,434 0 1,434
Net Profit 6,066 22 299 131 301 6,819 (692) 6,127

Statements of Financial Position

Total Resources
Segment Assets 1,776,376 6,179 40,506 30,305 10,758 1,864,124 (20,293) 1,843,831
Intangible Assets 4,377 102 18 60 13 4,570 0 4,570
Deferred Tax Assets 6,160 (199) 73 (39) (20) 5,975 0 5,975
1,786,913 6,082 40,597 30,326 10,751 1,874,669 (20,293) 1,854,376
Total Liabilities 1,617,472 2,849 34,664 25,529 2,256 1,682,770 (9,374) 1,673,396

Other Segment Information

Capital expenditures 1,246 5 1 304 35 1,591 0 1,591
Investment in associate under
equity method 6,110 75 0 0 0 6,185 0 6,185
Share in the Profit of associates 190 6 0 0 0 196 0 196
BDO Unibank, Inc. & Subsidiaries
Balances by Segment
As of March 31, 2014
(Amounts in Millions of Pesos)

Commercial Banking Investment Banking Private Banking Leasing & Finance Others Total Eliminations Group

Statement of Income
Total Interest Income
External 14,488 17 260 355 7 15,127 0 15,127
Inter-Segment 54 1 0 0 2 57 (57) 0
14,542 18 260 355 9 15,184 (57) 15,127

Total Interest Expense

External 2,858 0 59 77 0 2,994 0 2,994
Inter-Segment 3 17 0 28 9 57 (57) 0
2,861 17 59 105 9 3,051 (57) 2,994

Net Interest Income 11,681 1 201 250 0 12,133 0 12,133

Other Operating Income

Investment Banking Fees 0 232 0 0 0 232 0 232
Others 7,559 9 257 180 469 8,474 (1,628) 6,846
7,559 241 257 180 469 8,706 (1,628) 7,078

Other Operating Expenses

Depreciation and Amortization 599 18 10 106 5 738 0 738
Impairment Losses 1,268 0 0 25 0 1,293 0 1,293
Others 10,437 184 233 132 213 11,199 (37) 11,162
12,304 202 243 263 218 13,230 (37) 13,193

Profit before Tax 6,936 40 215 167 251 7,609 (1,591) 6,018
Tax Expense 410 39 33 47 18 547 0 547
Net Profit 6,526 1 182 120 233 7,062 (1,591) 5,471

Statements of Financial Position

Total Resources
Segment Assets 1,580,293 6,180 37,331 27,080 8,236 1,659,120 (20,855) 1,638,265
Intangible Assets 1,031 101 14 35 1 1,182 0 1,182
Deferred Tax Assets 6,071 (192) 68 (21) (13) 5,913 0 5,913
1,587,395 6,089 37,413 27,094 8,224 1,666,215 (20,855) 1,645,360
Total Liabilities 1,429,324 3,298 31,930 22,484 2,304 1,489,340 (10,150) 1,479,190

Other Segment Information

Capital expenditures 876 12 8 185 4 1,085 0 1,085
Investment in associate under
equity method 5,453 36 0 0 0 5,489 0 5,489
Share in the Profit of associates 121 1 0 0 0 122 0 122