BSP net income up 24.4% as of Aug.

Published October 18, 2019, 12:00 AM

by manilabulletin_admin

By Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) reported a net income of P33.51 billion as of end-August this year, up 24.43 percent from same time in 2018 of P26.93 billion.

Bangko Sentral ng Pilipinas (BSP) logo

The unaudited and preliminary financial statement showed that in the first eight months, the central bank revenue increased by 77 percent to P86.20 billion from P48.69 billion. Interest income – derived from the BSP’s US dollar reserves and domestic securities – was up by 42.73 percent year-on-year to P70.34 billion.

Miscellaneous income also improved to P15.86 billion from a loss of P590 million same period last year. This income is from trading gains, fees, penalties and other operating income.

BSP expenses rose by 39.1 percent to P54.97 billion as of end-August from P39.52 billion. The central bank’s interest expenses also increased 62.11 percent to P29.78 billion versus P18.37 billion. Other expenses totaled P25.19 billion from P21.16 billion year-on-year.

The BSP registered foreign exchange (FX) rate gains – which are realized gains from FX rate fluctuations – of P11.03 billion during the period, declined by 57.90 percent from P26.20 billion August 2018.

As of end-August, the BSP’s total assets increased by 8.61 percent year-on-year to P5.159 trillion while total liabilities also went up by 8.25 percent to P5.029 trillion. Bulk of BSP’s assets are its international reserves which as of end-August totaled P4.457 trillion which was more than same time last year of P4.144 trillion.

For the first eight months, the central bank reported a higher net worth of P130.39 billion from P104.27 billion last year. Surplus reserves also increased to P80.39 billion from P54.27 billion.

 
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