BSP net income declines 14.54%

Published November 22, 2019, 12:00 AM

by manilabulletin_admin

By Lee C.Chipongian

The Bangko Sentral ng Pilipinas’ (BSP) January-September net income year-on-year was down 14.54 percent to P38.65 billion from ₱45.23 billion last year.

Bangko Sentral ng Pilipinas (BSP) logo

The BSP registered foreign exchange (FX) rate gains – which are realized gains from FX rate fluctuations – of ₱14.37 billion was also down from same period last year of ₱48.80 billion.

Revenues, in the meantime, increased 92 percent year-on-year to ₱95.32 billion with interest income of ₱78.29 billion.

Expenses in the first nine months of the year were also more than same time in 2018 at ₱62.28 billion or 39.1 percent higher year-on-year. Interest expenses rose to ₱33.72 billion.

The central bank’s amended law or Republic Act 11211 (“An Act Amending Republic Act No. 7653, Otherwise Known as the ‘New Central Bank Act,’ and for Other Purposes”) which was approved last February this year has increased the BSP’s capitalization by ₱150 billion, or from P50 billion to ₱200 billion.

This will be funded solely from the declared dividends of the central bank.