DBP earns 4% more in 6 months

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) yesterday reported a net income of P2.76 billion in the first half, four percent higher than the P2.65 billion recorded in the same period in 2017.

The bank’s gross revenues from January to June also went up by 10.73 percent to P12.18 billion from last year’s level of P11 billion, according to latest data from the DBP.

DBP president and chief executive officer Cecilia Borromeo said the increase in income could be attributed to the improvement in the bank’s lending and deposit activities, which both registered double-digit growth during the period.

“The rise in our net income is a testament to the efficacy of the reforms and innovation we have made during the past several months,” Borromeo said.

“We now have sufficient financial muscle to support our development banking activities and further assist critical sectors of the economy,” she said.

As of end-June, Borromeo said the DBP’s total loan portfolio stood at P250.59 billion, with P82.88 billion channeled to the infrastructure and logistics sector.

“DBP also lent a total of P72.1 billion to government – owned and -controlled corporations, local government units and other private businesses, while the agriculture sector received loans amounting to P40 billion,” the DBP chief said.

“Projects in health care, education, and shelter received a total of P38.58 billion in funding assistance, while P15.94 billion were released to environment projects,” she said.

Meanwhile, total deposits in the first semester rose by 25 percent to P431.65 billion from P344.4 billion in the same period last year.

The bank’s total assets as of end-June also grew by 16 percent to P617.87 billion from last year’s level of P533.76 billion, making it the eight largest bank in the country in terms of assets.

As the country’s infrastructure bank, DBP provides loans to the infrastructure and logistics sector. It also extends loans to other strategic sectors, such as small and medium enterprises, social services and community development, and the environment.

Going forward, Borromeo said the DBP is committed to expand its development lending activities in support of the government’s inclusive growth agenda.