STATE-RUN Development Bank of the Philippines, the eighth-largest bank in terms of assets, said net income in the first six months of 2018 rose 4 percent to P2.76 billion from P2.65 billion year-on-year on the sustained strength in lending and deposit activities.
DBP president and chief executive Cecilia Borromeo said in a statement Friday loans and deposits both posted double-digit expansion from January to June this year.
“We now have sufficient financial muscle to support our development banking activities and further assist critical sectors of the economy,” Borromeo said.
“The rise in our net income is a testament to the efficacy of the reforms and innovation we have made during the past several months,” she said.
DBP, which has been designated as the country’s infrastructure bank by the national government, provides loans to strategic sectors such as infrastructure and logistics, small and medium enterprises, social services and community development, and the environment.