State-run Development Bank of the Philippines (DBP) reported gross income in the July-to-September quarter reaching P24.2 billion, a 28.6 percent improvement from P18.9 billion in the same period last year.
“Our capital adequacy ratio stood at 14.7 percent for the period ending September 2019, which is higher than the industry average of 12.2 percent,” DBP President and CEO Emmanuel Herbosa said.
However, the bank’s net income for the quarter stood at only P4.42 billion, a 1.56 percent downtick from P4.49 billion in the same comparable period.
According to Herbosa, the slight decline in net income was due to higher provisions for impairment losses as well as to taxes and operating expenses.
In terms of assets, DBP ranked the eight-largest bank in the country, with P700.9 billion worth of resources in the third quarter. This translates to a 10.7 percent expansion from only P632.9 billion in the same period last year.
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Designated as the country’s infrastructure bank, DBP reported a significant chunk of its loan portfolio, or nearly 40 percent, set aside for infrastructure. Releases for such reached P152 billion.
This was followed by lending to social services at P67.33 billion, environmental projects at P44.6 billion and micro, small and medium enterprises loans worth P24.6 billion.
Also, disbursement for priority sectors in the third quarter stood at P329.1 billion, a 33.8 percent increase from only P246 billion in the same quarter a year ago. This was in line with the lender’s target.
