BSP’s end-August income quadruples

THE PHILIPPINE central bank’s net income rose 3.6 times to P105.6 billion in January to August from a year earlier due to higher interest earnings, according to data posted on its website.

Interest income, which rose by 24.9% to P159.3 billion, accounted for the bulk of revenue that increased by 57.6% to P220.2 billion.

Miscellaneous income, which includes fees, penalties and other operating income, rose  fivefold to P60.9 billion.

Meanwhile, the Bangko Sentral ng Pilipinas’ (BSP) expenses declined by 10.8% to P143.2 billion in the eight months to August from a year earlier. Other expenses, which include net trading losses, fell by 38.8% to P31.1 billion.

On the other hand, interest expenses went up by 2.2% to P112.1 billion.

This brought the BSP’s net income before foreign exchange (FX) gains, tax and capital reserves to P77 billion, a turnaround from the P20.7-billion loss a year ago.

The central bank also posted a P28.6-billion net FX gain from its foreign currency-denominated transactions, though this was down by 34.6% year on year.

Separate BSP data showed its total assets stood at P7.77 trillion as of August, 4.6% higher than a year earlier. International reserves made up the bulk of its assets at P6.02 trillion, up by 7.6%.

Meanwhile, the central bank’s liabilities increased by 3.2% to P7.52 trillion.

BSP data showed currency in circulation stood at P2.31 trillion as of June, while deposits with the central bank were at P2.9 trillion.

The central bank’s net worth rose to P246.2 billion from P137.5 billion from a year ago. — Luisa Maria Jacinta C. Jocson