State-run Development Bank of the Philippines, the sixth-largest lender in terms of assets, joined the elite ranks of trillion-peso banks in the country after posting total assets of P1.04-trillion as of end-2020, 37 percent higher than P761.24 billion recorded in 2019, its top executive said Thursday.
DBP president and chief executive Emmanuel Herbosa said in a statement the increase in total assets was due to the hefty increases in deposits which grew 47.6 percent to P817.9 billion from P554.18 billion in 2019.
Investments also recorded a 26-percent increase to P260.1 billion from P206.57 billion a year ago.
“DBP’s latest milestone manifests the public’s continued confidence in DBP as a strong, stable and reliable financial institution,” Herbosa said.
“We are emboldened by the fact that the bank was able to achieve this feat two years earlier than our projected timeline and despite the constraints of the prevailing public health crisis,” he said.
DBP was designated as the country’s infrastructure bank by the government. It has a branch network of 129.