The Development Bank of the Philippines (DBP)'s loan portfolio grew 13.91 per cent to P374.85-billion for the first nine months of the year, with the bulk, or P175.72-billion, going to the infrastructure and logistics sector, announced DBP President and Chief Executive Officer Emmanuel G. Herbosa.

Social services followed, with P77.23-billion; environment projects, P43.12-billion; and micro, small, and medium enterprises, P26.48-billion.

“As the premiere infrastructure bank of the country, DBP broadened its support to priority industries," he explained.

"We are fully committed to revitalize the economy battered by the pandemic and calamities,” Herbosa added.

Over the past nine months, DBP played a key role in the rehabilitating public and private institutions via its Rehabilitation Support Program on Severe Events or DBP RESPONSE.

Total deposits, as of end-September surged by 50 percent to P754.95-billion, from the P502.02-billion recorded during the same period in 2019.

The 58 percent rise in term deposits and 22 percent increase in sllow-cost deposits comprised of Current Accounts and Savings Account boosted overall deposits.

DBP’s deposit growth is one of the highest in the banking industry this year in terms of percentage and absolute numbers, Herbosa observed.

"This reflects growing public confidence in the bank as a strong and stable financial institution. ”

DBP has a branch network of 129 branches including 11 branch units, mostly in underserved areas of the country.

Its automated teller machines now total 836, most of which are located in remote and unbanked areas.

Total assets climbed to P945.39-billion from January to September this year, up 34.89 per cent.

On the other hand, total capital grew by 9.49 percent, from P58.56-billion last year to P64.01-billion as of end-September this year.

This was augmented by the P6-billion infusion by the National Government under Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan 2).

“DBP's net worth stood at P64.01-billion by end of the third quarter while total capital adequacy ratio is at 13.76 percent, higher than the industry average of 12.39 percent,” according to Herbosa.

On the other hand, DBP’s net income as of end-September reached P3.24-billion, down 26.69 per cent, says DBP Executive Vice President for Corporate Services and Concurrent Head of Operations Marietta M. Fondevilla.

Higher provisioning for credit losses and income taxes, as well as an increase in administrative expenses, mostly for pandemic-related responses by field units, pulled down income.

“While DBP’s fiscal position remains strong and we are confident of reaching our full-year financial targets, we mobilize resources not just for recovery but also for improving the resiliency of priority sectors against future economic shocks,” Fondevilla elaborated.

DBP is the seventh largest bank in the country in terms of assets and provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.