The Bangko Sentral ng Pilipinas (BSP) reported a higher net income of P25.40 billion end-March, boosted by a significant miscellaneous income growth.
The BSP’s net income was up by 156 percent compared to same period last year of P9.92 billion, based on its latest statement of income and expense.
The BSP had revenues of P47.96 billion in the first quarter which was 83.6 percent more than end-March 2020’s P26.12 billion. The COVID-19 health crisis was declared a global pandemic in March last year, resulting to lockdowns which are still in place in some areas until today.
Total revenues were mostly comprised of interest income from reserves and domestic securities, and miscellaneous income, said the BSP.
The central bank’s net interest income amounted to P24.02 billion, up by 15.48 percent from P20.80 billion while its miscellaneous income increased by 349 percent to P23.94 billion from P5.33 billion.
The BSP’s expenses, on the other hand, went up by 28.9 percent to P23.49 billion from P18.23 billion. Interest expenses totaled P13.80 billion, up by 25.91 percent from P10.96 billion. Other expenses amounted to P9.69 billion, 33.38 percent more than P7.27B same time in 2020.
The BSP said it had a lower a foreign exchange (FX) net gains during the first quarter at P930 million versus P2.02 billion last year.
As of end-March, BSP’s total assets rose by 38.9 percent year-on-year to P7.555 trillion from P5.441 trillion.
The BSP’s total liabilities also increased significantly by 40 percent to P7.429 trillion from P5.305 trillion. Liabilities are mostly deposits and currency issues.
“Consequently, the BSP’s net worth as of end-March (of P125.4 billion) was lower by 6.8 percent relative to the P135.6 billion figure posted last year,” said the BSP in a report. “Nonetheless, the BSP’s financial condition remains strong with total assets being dominated by international reserves.”
The BSP’s surplus/reserves also fell to P76.42 billion from P85.60 billion same time in 2020.
Last year, the BSP advanced its dividend payments to the National Government as COVID-19 response. It remitted P20 billion to the government despite that the BSP under the amended 2019 BSP Charter was no longer mandated to deposit dividends to the government.
The BSP’s net income in 2020 was P34.53 billion, it was down from 2019 which reported P46.24 billion.