State-owned Development Bank of the Philippines’ (DBP) net income surged to ₱7.1-billion in 2024—its highest in the past 10 years—representing a 20 percent increase from 2023 as the bank ramped up its lending activities to key sectors in support of the Marcos, Jr. administration’s socio-economic agenda, a top official said.

DBP President and CEO Michael O. de Jesus said the Bank’s net income in 2024 was driven primarily by the 13 percent increment in its net core earnings as it exceeded its net income target of ₱5.5-billion by 29 percent.

“DBP’s resurgent performance in 2024 is a clear testament that it remains a strong and stable government financial institution that is greatly capable of funding the priority programs of the National Government,” de Jesus said.

DBP is the 10th largest bank in the country in terms of assets and provides financing to strategic and critical sectors such as infrastructure and logistics, micro, small and medium enterprises, community services, and the environment. It has a branch network of 148 branches including 15 branch lite units located primarily in remote and underserved areas of the country.

De Jesus said DBP’s income from its lending operations increased by six percent last year to ₱31.7-billion compared to the ₱29.8-billion in 2023 while its income from its treasury operations inched up two percent to ₱14.9-billion from ₱14.6-billion due to rise in interest rates.

He said DBP exceeded its non-interest income target by 81 percent to ₱4.04-billion on account of higher earnings from bank fees, foreign exchange transactions, and trading gains.

“DBP’s 2024 loans reached ₱536.8-billion, reflecting a five percent increase from the ₱509.2-billion registered in 2023,” de Jesus said. “Out of the amount, 61 percent or ₱326.48-billion went to the infrastructure and logistics sector with projects mostly found in the National Capital Region, Metro Davao, Central Visayas, and Eastern Visayas.”

De Jesus said the Bank provided ₱99.33-billion in loans to projects for social infrastructure and community development, ₱55.12-billion to projects for the environment, and ₱26.94-billion for micro, small, and medium enterprises.

He said DBP’s capital adequacy ratio stood at 14.9 percent as of the end of 2024, an increase from the 13.92 percent recorded during the same period in 2023, while its common equity tier 1 capital ratio stood at 13.98 at year-end 2024, higher than the 13 percent recorded in 2023.

“DBP’s financial performance mirrors largely the optimism of the public on the prospects of the economy in the coming years even as we aggressively pursue programs that would advance the national economic agenda of the President,” de Jesus said.