DBP income up 9% in 2011

MANILA, Philippines - The Development Bank of the Philippines (DBP) has reported a nine-percent increase in net income, or from P3.68 billion in 2010 to P4.02 billion this year.

It is the second highest net earnings recorded by the government financial institution, while maintaining an average earnings level of P3.7 billion in the past six years.

DBP president and chief executive officer Francisco F. del Rosario Jr. said that income growth was anchored on strong loans and investment earnings.

“The bank exhibited strong balance sheet while maintaining sound financial performance, while remaining true to its development core business,” Del Rosario said, adding that the percentage of developmental loans to commercial loans stood at 93 percent and seven percent, respectively.

Gross loan portfolio ratio grew by 16 percent to P180.32 billion from P155.26 billion in 2010.

Past due coverage ratio stood at 122.14 percent.

 Deposits grew by 21 percent, or from P130,7 billion in 2010 to P158.37 billion in 2011. “The figure represents a realization ratio of 132 percent from the bank’s yearend target of P119.9 billion,” the bank president said.

 Total resources increase to P340 billion, or an improvement of P42.94 billion from the P297.09 billion in 2010.

Risk-weighted capital adequacy ratio (CAR) stood at 18.71 percent as of November 2011.