DBP net income, cash dividends reach new record levels in 2009

MANILA, Philippines - The Development Bank of the Philippines (DBP) has recorded a record net income of P6.09 billion in 2009, roughly 70 percent higher than the P3.6 billion realized in 2008.

Likewise, the government financial institution (GFI) declared another record dividend of P2.5 billion for 2009. In fact, total dividends since 2001 amounted to P11.4 billion.

Speaking during the 63rd anniversary of the government bank, DBP president Reynaldo G. David reported a net worth of P40 billion and a market value of P50 billion.

At the start of the year, total assets amounted to P263.25 billion with a return on real equity of 17 percent.

David said that total taxes paid reached P24.3 billion since 1986.

Total loan portfolio sold at P167 billion concentrated on social services, environmental projects, microfinance, and small and medium enterprices (MSME), infrastructure, energy and energy efficiency, and utilities.

Likewise, it had extended P13.42 billion to the Sustainable Logistics Development Program (SLDP) and another P5.94 billion under the SME Lending Opportunities for National Growth (Sulong).

The SLDP extends loans for the acquisition of roll-on, roll-off (Ro/Ro) vessels, upgrading of ports, shipyard development, and maritime schools.

The Sulong programs focuses on entrepreneurship for micro to medium scale business. So far, it covered 19,852 projects, generating 87,787 jobs.

David likewise reported that environmental projects covered 95 accounts involving new and renewable energy, solid waste management, cleaner technology, pollution control and abatement.

Incidentally, DBP’s risk weighed-capital adequacy ratio (CAR) was rated at 21 percent, one of the highest among the country’s commercial banking industry.         — TPT