DBP income surges to P1.6 billion in Q1

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) saw its bottom line surge by more than 80 percent, reaching P1.6 billion in the first quarter on improved lending activities.

In a statement, DBP said its net income soared by 82 percent to P1.61 billion from January to March compared to last year’s P571 million.

DBP president and CEO Michael de Jesus said the increase was driven by higher interest income from its lending and investment portfolios.

Likewise, DBP posted a nine-percent improvement in total deposits to P821 billion while the bank’s total loans reached P519 billion.

Of its loan portfolio, 60 percent or P314.7 billion went to the infrastructure and logistics sector with most of the projects located in Metro Manila, Central Luzon, Davao and Eastern and Central Visayas.

Some P96.7 billion or 19 percent of the bank’s loan portfolio financed social infrastructure and community development projects.

DBP also provided P47 billion in loans for environment-related projects and P25 billion for micro, small and medium enterprises.

De Jesus said DBP would continue to be aggressive in pushing for programs in support of the government’s economic agenda, especially those that promote infrastructure development, food sufficiency and energy security.

Similarly, DBP’s total assets breached the P1 trillion-mark as of end-March while its net worth picked up by 11 percent to P97 billion.

DBP is the 10th largest bank in the country in terms of assets. It provides credit support to four strategic sectors of the economy namely, infrastructure and logistics, MSME, environment and social services and community development.