The Bangko Sentral ng Pilipinas (BSP) posted a net income of P41.44 billion in the first five months of 2022, up by 37.17 percent compared to same period last year of P30.21 billion.
Based on the latest unaudited BSP statement of income and expense, as of end-May, BSP revenues slipped 0.5 percent to P73.02 billion from P73.38 billion same time in 2021, while expenses increased by 10 percent to P47.38 billion from P43.06 billion.
Under revenues, interest income from trading gains, fees, penalties and other operating income, rose by 33.58 percent to P58.59 billion from P43.86 billion. Miscellaneous income, meantime, declined by 51.15 percent to P14.42 billion from P29.52 billion.
The BSP spent more on expenditures, however interest expenses were almost unchanged at P24.02 billion compared to P24.48 billion same period last year. Other expenses increased by 25.73 percent to P23.36 billion from P18.58 billion.
Expenses include banknotes production and coin minting cost, as well as taxes and licenses fees.
The BSP has a net foreign exchange (FX) gain of P15.82 billion as of end-May, a huge improvement versus last year’s $11 million losses. BSP’s FX gain come from FX rate fluctuations.
Data showed the BSP’s total assets for the first five months amounted to P7.34 trillion, down 3.8 percent from P7.63 trillion end-May last year. Liabilities totaled P7.27 trillion, also down 2.9 percent from P7.49 trillion in 2021.
The BSP has a current net worth of P75.67 billion, almost half of what it posted same period last year of P145.47 billion due to lower reserves.
On the other hand, the BSP’s surplus or reserves amounted to P25.67 billion, also lower compared to same period last year of P95.47 billion.
The BSP’s capital remains at P50 billion. Its 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”) increased the BSP’s capitalization to P200 billion from P50 billion. This will be funded solely from the declared dividends of the central bank.