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Manila Bulletin devider Business devider DBP nets P5.35-B earnings in 9 months

DBP nets P5.35-B earnings in 9 months

Published Dec 19, 2022 05:17 am
After intensifiyng its lending activities, the Development Bank of the Philippines (DBP) netted P5.35-billion earnings in the first nine months of 2022, up 177 percent versus the same period last year. The growth in the state-owned bsnk’s loans to borrowers, as well as the continued rise in net interest income drove the dramatic increase in earnings, confirmed President and Chief Execut Officer Emmanuel G. Herbosa. “DBP’s performance this year attests to its stability as a government financial institution and reflects the optimism in the country’s economic prospects as we emerge from a downturn exacerbated by the pandemic,” he maintained. The Bank’s total loans to borrowers from January to September 2022 reached P504.8-billion, reflecting a 15 percent growth from the P439.30-billion recorded last year, on the back of brisk lending as the economy re-opened. The bulk, P270-billion or 53.49 percent of total loans were allocated for infrastructure and logistics sector, with most projects situated in the National Capital Region, Central Visayas, Central Luzon, Calabarzon, Eastern Visayas and Davao. “DBP’s support for social infrastructure and community development projects totaled P103.71-billion, representing 20.5 percent of its total loan portfolio,” Herbosa pointed out. “The bank also provided P54.35-billion in loans for environment-related projects, P48.24-billion for the agriculture sector, P30.30-billion for MSME sector and about P74.46-billion for projects in finance and insurance, manufacturing, wholesale and retail trade, accommodation, and food services,” he remarked. DBP’s net income before provisions stood at P10.62-billion, largely weighed down by provision for credit losses at P4.25-billion and income taxes at P1.02-billion, noted DBP Executive Vice President for Operations Fe Susan Z. Prado. Significantly, DBP’s strong financial performance in the past quarter has enabled it to exceed its recalibrated 2022 net income target of P3.85-billion and solidify its position as one of the top performing banks in the country today. “Beyond the numbers, DBP’s financial standing mirrors the general trend for the Philippine economy in general, which is breaking the odds and have performed considerably well despite the challenges and adversities,” Prado concluded.

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