MANILA, Philippines - State-run Development Bank of the Philippines (DBP) said its net income nearly doubled to P1.52 billion in the first quarter from P720 million in the same period last year.
In a statement, DBP attributed the jump in earnings to the country’s strong economic performance and favorable market conditions which contributed to the growth in its loan portfolio and deposit base.
While gains from securities trading remained a major revenue contributor, DBP said its net income was likewise boosted by its gross loan portfolio that grew 20.42 percent to P143.77 billion, from the previous P119.39 billion.
A major depository of national and local government agencies, DBP hiked its deposits to P148.41 billion, up 16.52 percent from last year’s P127.37 billion.
The bank’s total assets reached P327.7 billion, an increase of 8.25 percent from the previous year’s P302.73 billion.
Capital adequacy ratio remained well above the central bank’s minimum requirement of 10 percent at 23.06 percent, an improvement from last year’s level of 20.11 percent.
The bank remains consistent in its efforts to support the government’s national development thrusts, channelling much-needed financial facilities to strategic sectors such as infrastructure and logistics, environment protection, social services involving health care, education, housing and community development, and micro, small and medium enterprises.
Just recently, DBP launched its P2-billion Higher Education Loan Program for Students (HELPS) for lending to qualified schools and other educational institutions, for re-lending to poor but deserving students.
The program supports the government’s commitment to education and poverty alleviation in the Millennium Development Goals, and the Philippine Development Plan’s “Education for All†by 2015.