After the decline in 2023, the Bangko Sentral ng Pilipinas’ (BSP) net income surged by ₱91.1 billion last year, reaching ₱117.6 billion, driven by higher revenues and lower expenses.

Last year’s income was 344 percent or more than four times larger than the central bank’s ₱26.5-billion net income in 2023.

The 2023 figure dropped by nearly 58 percent from ₱62.6 billion in 2022, when the Covid-19 pandemic was winding down.

According to the BSP’s latest statement of income and expense, total earnings for full-year 2024 reached ₱300.4 billion. It expanded by ₱87.7 billion or over 41 percent from the ₱212.7 billion revenues in 2023.

More than 80 percent of these revenues were sourced from interest income at ₱240.8 billion. The remaining nearly 20 percent came from miscellaneous income at ₱59.6 billion.

Interest income increased by nearly 22 percent (from ₱197.9 billion), while miscellaneous income increased by more than three times (from ₱14.8 billion).

Notably, total expenditures—over 75 percent of the total revenues—dropped by nearly seven percent as it only reached ₱226.7 billion from ₱243 billion worth of expenses in 2023. This marks a massive shift from an over 40 percent increase in the previous year.

Interest expenses accounted for nearly 74 percent (₱167.2 billion) of total expenditures, while other expenses accounted for the remaining 26 percent (₱59.5 billion).

Both interest expenses and other expenses decreased, but the notable drop in expenditures was driven by the latter. It declined by more than 20 percent at ₱15.1 billion—the majority or 93 percent of the total drop in the BSP’s 2024 expenses.

The BSP also earned ₱44.1 billion from foreign exchange fluctuations, a decrease of ₱12.9 billion from the ₱57 billion in gains recorded in 2023.

Last year, the BSP’s total assets reached ₱7.81 trillion, increasing by ₱260 billion or over three percent from the previous year’s ₱7.55 trillion.

International reserves, which rose ₱400 billion, accounted for more than 78 percent (₱6.11 trillion) of these assets. Domestic securities, at ₱1.12 trillion, comprised over 14 percent of the total–although it declined from ₱1.26 trillion in the previous year. Other assets, and loans and advances made up the remainder.

Total liabilities increased by two percent, rising from ₱7.4 trillion in 2023 to ₱7.59 trillion in 2024.

Currency in circulation, at ₱2.72 trillion, accounted for nearly 36 percent of the total. It increased by ₱270 billion, or more than 11 percent, from the earlier year’s ₱2.45 trillion.

Deposits made up nearly 31 percent of the total. It declined from ₱2.63 trillion to ₱2.32 trillion last year.

The revaluation of foreign currency accounts accounted for the third largest share (over 14 percent) in total liabilities at ₱1.09 trillion. It rose by ₱290 billion, or over 36 percent, from ₱800 billion in 2023.

As of 2024, the BSP’s net worth surged to ₱223.5 billion, up by ₱81 billion, or nearly 57 percent its 2023 net worth of ₱142.5 billion.

This is primarily due to a near doubling of surplus or reserves, from ₱82.5 billion in 2023, to ₱163.5 billion. Capital remained at ₱60 billion.