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Manila Bulletin devider Business devider Banking & Finance devider BSP net income surges 330% to P85 billion

BSP net income surges 330% to P85 billion

Published Sep 15, 2024 09:31 pm

The Bangko Sentral ng Pilipinas (BSP) reported a net income of P85.5 billion as of end-June this year, up significantly by 330 percent from only P19.86 billion in the same period in 2023, mainly due to foreign exchange gains and higher miscellaneous income.

Based on the latest central bank data released over the weekend, revenues totaled P164.08 billion in the first half, 56.9 percent higher than the previous year’s P104.58 billion. BSP revenues came from its interest income from international reserves and domestic securities.

During the period, miscellaneous income surged by 296 percent to P44.32 billion versus P11.17 billion same time in 2023. Miscellaneous income includes trading gains/losses, fees, penalties, and other operating income, among others.

BSP expenses for the first six months totaled P106.13 billion, down by 8.9 percent compared to same time last year of P116.52 billion. The BSP pays high costs for its banknotes production and coin minting cost, as well as taxes and license fees, and from its open market operations.

Interest expenses reached P84.31 billion, up by 5.19 percent from P80.15 billion in 2023 while other expenses such as net trading losses totaled P21.82 billion, down 40 percent from P36.38 billion last year.

As of end-June, the BSP’s foreign exchange or FX gains amounted to P27.56 billion. It was lower by 13.36 percent compared to the previous year’s P31.81 billion. FX gains are realized gains from fluctuations in FX rates arising from BSP’s foreign currency-denominated transactions.

As per the latest statement on assets and liabilities, the BSP had total assets of P7.874 trillion as of end-June, up eight percent compared to same period last year of P7.294 trillion.

The BSP said its assets grew because of higher international reserves and holdings of derivative instruments. It also noted that its financial condition has remained strong, with international reserves accounting for the bulk of its assets.

Total liabilities also increased by 7.6 percent to P7.666 trillion from P7.126 trillion because of the higher net income from the net gain on FX rate fluctuations and higher miscellaneous income.

The BSP’s net worth, meanwhile, stood at P207.73 billion during the period, 24 percent more than the previous year’s P167.34 billion.

The net worth was boosted by surplus reserves amounting to P147.73 billion, which was 37.62 percent higher than last year’s P107.34 billion.

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