Record high: Bangko Sentral profit tops P100B
The Bangko Sentral ng Pilipinas (BSP) is set to post a record profit in 2024 after seeing its 11-month earnings grow by nearly five times to breach the P100-billion mark, thanks to fatter interest income and a decline in expenses.
The BSP’s net income from January to November last year stood at P113.6 billion, higher than the P23.3 billion recorded in the comparable period in 2023.
At this point, the BSP is poised to see its highest annual profit on available record dating back to 1993.
“This record-setting income of the BSP can be attributed to two factors: high interest rates and profits from selling gold amid a price surge in the global market,” said Matt Erece, economist at Oikonomia Advisory & Research Inc.
“This 2025, we don’t expect another record-breaking year for the central bank’s income because we expect them to implement expansionary monetary policy measures,” Erece added.
Financial results showed 11-month revenues had surged by 42.9 percent to P278.3 billion. Interest income, which grew by 22.48 percent to P221.2 billion, accounted for the bulk of the central bank’s top line.
Among the sources of interest income are the international reserves, particularly the BSP’s foreign investments, gold sales and interest payments from the International Monetary Fund for the country’s special drawing rights.
