BSP swings to net loss for Q1
THE Bangko Sentral ng Pilipinas (BSP) posted a net loss of P1.4 billion in the first quarter as revenues declined and expenses surged.
It had a net income of P23.56 billion a year earlier, central bank data showed.
The BSP recognized P11.08 billion in net losses from foreign exchange rate fluctuations in 2022, a reversal of the P17.46 billion in net gains in 2022.
The central bank posted revenues of P38.55 billion during the quarter, by 7.4% lower than a year earlier. Revenues mostly came from interest income on foreign investments and government securities.
Interest income jumped by 34% to P41.81 billion. The central bank posted a P3.25-billion loss in miscellaneous income, which includes trading gains, fees and penalties — a reversal of the P10.42-billion gain a year earlier.
Meanwhile, expenses more than doubled to P49.63 billion. Interest expense almost tripled to P38.89 billion, while other central bank expenses rose by 3.9% to P10.74 billion.
Total assets held by the BSP slid by 6.1% to P7.36 billion. Liabilities went down by 6.7% to P7.216 billion.
The BSP’s net worth stood at P143.75 billion at end-March, higher than P98.51 billion a year earlier. — Luisa Maria Jacinta C. Jocson
