State-owned Development Bank of the Philippines’ net income for the first six months of 2023 rose 60 percent to hit P4.42 billion, compared to the P2.76B it has posted during the same period last year, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the increase was fueled largely by a hike in foreign currency profits, on its foreign books, and non-recurring gains from the disposal of real and other properties acquired.
“Notwithstanding the one-time gains, overall the Bank’s performance in the first half of the year demonstrates its resilience as an institution and its readiness to support the national government’s strategic initiatives to foster economic growth and financial stability,” de Jesus said.
DBP is the eighth largest bank in the country in terms of assets and remains a relevant and reliable partner of the national government in serving the financing needs of strategic and critical economic sectors, particularly infrastructure and logistics; micro, small, and medium enterprises; social services; and the environment.
De Jesus said DBP is on track to meet its full year income target of P5.20B.
He said the bank loans for infrastructure and logistics accounted for the bulk of outstanding exposure at P281.59B followed by loans to social infrastructure and community development at P110.03B.
From January to June this year, DBP also provided P35.38B in loans for the agriculture sector, P79.93B for other developmental loans such as financial and insurance activities, including manufacturing, wholesale and retail trade, and food services, P54.43B for environment-related projects, and P30.23B to support micro, small, and medium enterprises.
De Jesus said that as of June, DBP posted a four percent growth in total deposits to P760B due to higher term and non-term deposits and registered a mo-dest capital increase of eight percent to P83.64B from the P77.54B recorded during the same period in 2022.
He said DPB has maintained its solid financial position even as it affirms its full support to President Ferdinand Marcos Jr.’s call to ramp up support to critical investment areas such as physical connectivity, water resources, agriculture, health, digital connectivity and energy.
“DBP’s position as the country’s infrastructure bank is closely aligned with our President’s vision of catalyzing progress through economic efficiency through well-planned and inclusive infrastructure deve-lopment,” de Jesus said. – Press release