DBP earnings up 30% in Q1

MANILA, Philippines - Earnings of state-run Development Bank of the Philippines (DBP) jumped 30.4 percent in the first quarter of the year amid the sustained growth of its loan book.

The net income of DBP reached P1.29 billion from January to March this year, P301 million higher than the P989 million booked in the same period last year.

DBP president and chief executive officer Cecilia Borromeo said the improved financial performance would give the bank more financial muscle to support the strategic development thrusts of the national government, particularly in building the country’s infrastructure.

“As a development financial institution, DBP will continuously strive to surpass the performance yardsticks by which the market measures financial institutions,” she added.

According to her, DBP would continue implementing programs that promote inclusive growth particularly in the areas of social services and community development, small and medium enterprises promotion, and environmental responsibility.

DBP’s gross loan portfolio grew surged 30.6 percent to P232.1 billion in the first quarter from P177.7 billion in the same period a year ago while deposits inched up two percent to P323.3 billion from P317 billion.