BDO Unibank Inc., the banking arm long central to the Sy family’s financial empire, entered 2026 with a familiar distinction: it remained a powerful dividend machine for SM Investments Corp. Yet beneath the comfort of record earnings and rising payouts, the country’s largest bank is showing signs that the next leg of dividend growth may be harder won. BDO posted record net income of ₱87.2 billion in 2025 , up 6% from the prior year, as its balance sheet continued to expand across loans, deposits and investment securities. Total resources climbed 11% to ₱5.4 trillion , loans rose 13% to ₱3.7 trillion , deposits increased 10% to ₱4.2 trillion , and equity advanced 12% to ₱644.1 billion . The bank also remained the Philippines’ largest lender by assets, loans, deposits and trust assets, with 1,994 domestic branches and 7,716 ATMs, CDMs and related machines as of end-2025. For SM Investments, which holds 40.6% of BDO’s common shares , the bank remains a major source of recurring income....