BSP books lower income at end-Nov.
THE BANGKO SENTRAL ng Pilipinas’ (BSP) net earnings as of November continued to decline from a year prior amid higher expenses.
BSP data showed its net profit after tax and capital reserves in the 11 months ended November 2023 plummeted by 74% to P23.28 billion from the P89.7 billion booked in the same period in 2022.
The central bank’s expenses surged by 60.6% year on year to P194.61 billion in the period from P121.2 billion.
Broken down, its interest expenses ballooned by 107.8% to P153.69 billion from P73.95 billion. Meanwhile, other expenses dropped by 13.4% to P40.92 billion from P47.25 billion a year earlier.
On the other hand, revenues stood at P162.39 billion in the period, up by 26.8% year on year from P128.02 billion.
Broken down, the central bank’s interest income rose by 30% to P180.64 billion from P138.87 billion.
Miscellaneous income, which includes trading gains, fees, penalties, and other operating income, widened to a P18.25-billion loss in the period from the P10.84-billion loss a year prior.
Meanwhile, the BSP realized a net gain of P55.53 billion from fluctuations in foreign exchange rates arising from its foreign currency-denominated transactions, 33% lower than the P82.94 billion in the same period a year prior.
The central bank’s assets grew by 3.1% to P7.489 trillion in January to November from a year ago, while liabilities inched up by 2.6% to P7.361 trillion.
Its net worth stood at P128.44 billion at the end of November, 37.8% higher than a year earlier. — K.B. Ta-asan
