DBP hits P1-T asset milestone
State-run Development Bank of the Philippines (DBP) saw its net income surge by 82 percent in the first quarter on the back of fatter margins and gains from its investment portfolio.
In a statement on Tuesday, DBP said it had netted P1.61 billion in the first three months versus P571 million a year ago.
Michael de Jesus, company president and CEO, said the bank’s resurgent financial performance was driven largely by significant increases in interest income from its lending and investment portfolio.
This, in turn, helped DBP reach a milestone. The bank said its total assets breached the trillion-peso mark to hit P1.04 trillion. This marked a 7 percent increase year-on-year.
Total deposits increased by 9 percent to P821 billion. This allowed DBP to boost lending by 2 percent to P519 billion.
DBP provided P96.7 billion in loans to projects for social infrastructure and community development; P47 billion for environment-related projects; and P25 billion for micro, small and medium enterprises.
“About 60 percent of DBP’s total loans, or P314.7-billion, went to the infrastructure and logistics sector,” he said.
“‘We expect another banner year for the Bank given the favorable economic landscape even as we pursue more programs and initiatives.”
