DBP registered profit of P2.76b in 6 months

posted September 07, 2018 at 08:10 pm
by  Julito G. Rada
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.

Topics: Development Bank of the Philippines , DBP , net income
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by thestandard.ph readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of thestandard.ph. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.