State-owned Development Bank of the Philippines’s net income in the first six months of 2023 jumped 60 percent to P4.42 billion from P2.76 billion in the same period last year, a top executive said Thursday.
DBP president and chief executive Michael de Jesus said the increase was fueled by a hike in foreign currency profits on its foreign books and non-recurring gains from the disposal of real and other properties acquired.
“Notwithstanding the one-time gains, overall the bank’s performance in the first half of the year demonstrates its resilience as an institution and its readiness to support the National Government’s strategic initiatives to foster economic growth and financial stability,” de Jesus said.
De Jesus said the bank was on track to meeting its full-year income target of P5.20 billion. He said loans for infrastructure and logistics accounted for the bulk of outstanding exposure at P281.59 billion, followed by loans to social infrastructure and community development at P110.03-billion.
“A significant chunk of our loans or about 55.5 percent percent of the bank’s total portfolio of P507 billion was released to bankroll public infrastructure under the banner of the national government’s ‘Build Better More’ program, majority of which are in the National Capital Region, Central Visayas, Davao, and Central Luzon,” de Jesus said.