DBP net income drops to P4.68B as of September

DEVELOPMENT Bank of the Philippines (DBP) saw its net income decline by 8.95% year on year in the first nine months amid lower foreign exchange gains.

The state-run lender’s net income stood at P4.68 billion at end-September, down from P5.14 billion in the same period last year, DBP’s financial statement posted on its website showed.

This came as its non-interest income dropped by 56.69% year on year to P2.85 billion from P6.58 billion, mainly driven by a 83.51% decline in foreign exchange gains to P637.578 million.

Meanwhile, DBP’s net interest income before provisions for impairment increased by 9.98% to P19.07 billion at end-September from P17.34 billion a year prior.

Broken down, its interest earnings rose by 3.93% to P36.1 billion driven by higher income from loans and receivables, while its interest expenses decreased by 2.11% to P17.02 billion.

On the other hand, the bank’s expenses went down by 10.17% to P11.04 billion from P12.29 billion amid lower spending on compensation and taxes, as well as a decline in occupancy costs.

DBP’s net loans and receivables inched up by 1.31% to P481.26 billion at end-September from P475.03 billion a year prior.

On the funding side, deposits with the bank went down by 4.95% to P733.62 billion from P771.86 billion.

DBP’s total assets stood at P967.85 billion as of September, down by 1.43% from P981.89 billion a year ago.

Its capital funds totaled P91.28 billion, up by 8.22% year on year. — AMCS