State-run Development Bank of the Philippines said Wednesday net income in the first half declined 6.45 percent to P2.9 billion from P3.1 billion a year ago, as the bank allotted higher provisions for credit losses amid the health crisis.
DBP executive vice president for corporate services and head of operations Marietta Fondevilla, however, said gross revenues increased 4 percent to P16.53 billion from P15.91 billion generated in the same period last year.
“Notwithstanding the various congressional initiatives to strengthen DBP’s financial position, the bank will continue to maximize and re-allocate its resources to fund initiatives with optimal development impact, while ensuring DBP’s viability during these challenging times,” Fondevilla said.
The bank boosted its financial support for strategic growth initiatives in the second quarter, with P364.4 billion in loans to borrowers, reflecting a 15.6-percent increase from P315.13 billion recorded a year ago.