State-run Development Bank of the Philippines, the eighth-largest lender in terms of assets, said net income in 2018 rose 4.2 percent to P5.72 billion from P5.49 billion in 2017 due mainly to the sustained strength of its loan portfolio.
DBP president and chief executive Emmanuel Herbosa in a statement Friday attributed the increase to the expansion of its deposit-generation activities, especially in the countryside.
“DBP ramped up its lending activities last year in support of the administration’s goal of increasing investments in infrastructure to boost the economy and promote inclusive growth especially in areas outside of traditional urban centers,” Herbosa said.
DBP has been designated earlier as the infrastructure bank by the national government, providing loans to four key sectors of the economy—infrastructure and logistics, micro, small and medium enterprises, social services and community development and the environment.