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Manila Bulletin devider Business devider Banking & Finance devider FX gains dip, but not enough to derail BSP's strong financial performance at end-Oct.

FX gains dip, but not enough to derail BSP's strong financial performance at end-Oct.

Published Jan 23, 2025 05:33 am

The Bangko Sentral ng Pilipinas (BSP) reported strong financial results for the first 10 months of last year, driven by higher revenues, lower expenses, and a significant increase in miscellaneous income.

Based on the latest BSP data, the central bank posted a net income of P113.1 billion from January to October, a substantial 423.61 percent jump from P21.6 billion in the same period last year.

At end-October, revenues totaled P264.1 billion, up 49.5 percent from P176.6 billion in the same period in 2023.

Data showed that expenses decreased to P182.2 billion during the period, 11.5 percent lower than the P206 billion recorded last year.

Interest income on international reserves, domestic securities, and miscellaneous income were the sources of the BSP revenues.

As of end-October, the BSP’s interest income reached P200.1 billion, a 22.76 percent increase from the previous year’s P163 billion. Meanwhile, miscellaneous income surged by 366.18 percent to P63.4 billion from P13.6 billion in the same period last year.

Miscellaneous income includes trading gains or losses, fees, penalties, and other forms of operating income.

As for expenditures, BSP’s interest expenses reached P140 billion as of end-October, a slight increase of 0.86 percent from P138.8 billion in the same period in 2023. Other expenses, meanwhile, dropped by 37.05 percent to P42.3 billion from P67.2 billion last year, blamed primarily on trading losses. 

Meanwhile, BSP’s foreign exchange (FX) gains fell by 38.43 percent to P31.4 billion in the first ten months of 2024, down from P51 billion last year. These FX gains come from fluctuations in currency exchange rates related to the BSP’s foreign currency transactions.

As of end-October, the BSP’s total assets amounted to P8.192 trillion, reflecting a 9.5 percent increase from P7.483 trillion in 2023. The rise was mainly driven by higher international reserves.

On the other hand, the BSP’s total liabilities rose by 7.6 percent to P7.925 trillion, up from P7.363 trillion last year. This increase was attributed to higher currency in circulation, domestic bills payable, and the revaluation of foreign currency accounts.

As of end-October, the BSP’s net worth grew by 122.2 percent to P266.2 billion, up from P119.8 billion. This increase was largely driven by surplus reserves, which reached P206.2 billion, a 244.8 percent rise from P59.8 billion in the same period last year.

To date, the BSP’s capital remains at P60 billion, falling short of the P200 billion required by the amended BSP Charter of 2019.

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Bangko Sentral ng Pilipinas (BSP)
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