By LEE C. CHIPONGIAN
The Bangko Sentral ng Pilipinas (BSP) reported a 5.7 percent lower net income for January to November 2019 of ₱40.24 billion compared to what was reported same time in 2018 of ₱42.69 billion, the latest data said.
The BSP also registered foreign exchange (FX) rate gains – which are realized gains from FX rate fluctuations – of only ₱14.46 billion versus ₱52.76 billion in the previous year.
Revenues, in the meantime, were up 84.9 percent to ₱113.43 billion compared to same time in 2018 of ₱61.35 billion. The central bank had an interest income of ₱93.19 billion as of end-November, more than ₱69.56 billion in 2018. Miscellaneous income also improved to ₱20.25 billion from a loss of ₱8.21 million previously.
The BSP’s expenses rose by 34.1 percent during the period to ₱75.49 billion from ₱56.28 billion. Interest expenses increased to ₱41 billion from ₱26 billion while other expenses amounted to ₱34.49 billion, higher than the previous year’s ₱30.27 billion.
The latest BSP financial statements is still preliminary and unaudited.
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 2019 has increased the BSP’s capitalization by ₱150 billion, or from ₱50 billion to ₱200 billion.
This will be funded solely from the declared dividends of the central bank.
The BSP has a current net worth of ₱137.28 billion, an improvement from same time in 2018 of ₱119.56 billion. Surplus reserves also rose to ₱87.28 billion from ₱69.56 billion.
As of end-November last year, the BSP has ₱4.996 trillion worth of assets, and this was 8.3 percent more than same time in 2018 of ₱4.613 trillion.
Total liabilities, on the other hand, reached ₱4.859 trillion which is up 8.1 percent from ₱4.493 trillion a year ago.
In 2018, the BSP reported a net income of ₱39.85 billion which was higher by 69.50 percent from ₱23.51 billion in 2017. Its FX rate gains were at ₱53.13 billion from only ₱15.48 billion in 2017.