DBP to open add’l branches

MANILA, Philippines - State-run Development Bank of the Philippines (DBP) is fasttracking its expansion by putting up six more branches in the remaining months of the year.

DBP said it is opening up more branches as part of efforts to reach out to more sectors in need of development financing. 

Recently, DBP opened a branch in Alabang to serve the banking requirements of residents of Muntinlupa City and nearby areas. 

Strategically located on the ground floor of the Admiralty Realty Building at the Madrigal Business Park, the Alabang branch offers deposit and investment products, loans, and other financial services to the banking public. 

It is the second DBP branch in Muntinlupa City, with the other branch located in Putatan.

DBP Alabang is the 88th in the branch network of the bank. 

The new DBP branches to be opened within the year would be located in Paranaque, Manila, Makati, Mandaluyong, San Juan and Pasig.

For the first quarter of 2013, DBP reported a net income of P1.52 billion, almost doubled the P720-million profit posted in the same period in 2012.

DBP’s gross loan portfolio grew 20.42 percent to P143.77 billion from P119.39 billion the previous year. 

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, increasing 8.25 percent from the previous year’s P302.73 billion.