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DBP’s net income increases 17% annually to P1.23 billion.

In the first three months of 2023, the state-owned Development Bank of the Philippines (DBP) reported net income that increased by 17% to PHP1.23 billion from PHP1.05 billion during the same period in 2018.

According to a news release on Friday, which quoted DBP President and Chief Executive Officer Michael de Jesus, higher interest revenue from expanded lending activities to crucial sectors of the economy as a result of increasing economic activity fuelled the double-digit growth in its bottom line.

“DBP’s resurgent financial performance in 2023 is an attestation of its stability as a government financial institution,” stated de Jesus.

We will keep advancing along this growth trajectory and fulfilling our duty to spur economic development where it is most needed and scarce.

DBP, which ranks as the eighth-largest bank in terms of assets in the nation, continues to be a valuable and trustworthy partner of the federal government in meeting the financing needs of crucial economic sectors, including infrastructure and logistics, micro, small, and medium-sized businesses, social services, and the environment.

De Jesus claimed that DBP has maintained its sound financial position, surpassing its first-quarter net income target of PHP820 million by 50% and registering a gross loan portfolio of PHP547 billion, a slight increase of 2% over the PHP539 billion recorded during the same period in 2022.

According to him, the outstanding portfolio for social infrastructure and community development was PHP107.842 billion as of the end of March this year, compared to PHP285.235 billion in loans for infrastructure and logistics.

According to de Jesus, “the majority of our releases, or about 55.2% of the Bank’s loan portfolio, were released to finance infrastructure development initiatives in support of the national government’s “Build Better More” program, with the majority of these initiatives being located in the National Capital Region, Central Visayas, Davao, and Central Luzon.

DBP offered loans totaling PHP35.82 billion for the agricultural sector, PHP78.54 billion for other developmental loans like financial and insurance activities, manufacturing, wholesale and retail trade, and food services, PHP54.166 billion for environmental projects, and PHP30.604 billion to support micro, small, and medium-sized businesses.

De Jesus said that despite a PHP765 million increase in the provision for credit losses, DBP nevertheless exceeded its projected earnings for the first quarter of 2023.

The DBP also reported a minor capital rise of 4%, from PHP76.82 billion in the same period in 2022 to PHP80.189 billion.

According to de Jesus, “DBP is still on track to maintain its standing as one of the most important and reliable government financial institutions in the nation.”

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