BSP’s net loss widens as of February as expenses rise
THE BANGKO SENTRAL ng Pilipinas (BSP) posted a P2.24-billion net loss as of end-February even as revenue growth outpaced the increase in its expenses in the period, preliminary data showed.
This is 37.4% wider than the P1.63-billion net loss it posted in the same period a year ago, BSP data showed.
Meanwhile, it booked a P3.82-billion net income in January alone.
The central bank’s expenses jumped by 14.2% year on year to P40.14 billion in the January-February period from P35.17 billion a year prior.
Broken down, interest expenses in the period rose by 13.2% to P28.41 billion from P25.1 billion a year prior, while other expenses climbed by 16.5% to P11.73 billion from P10.07 billion.
Meanwhile, the BSP’s revenues grew by 37.4% to P34.15 billion in the first two months of the year from P24.85 billion in the comparable year-ago period.
Interest income increased by 37.5% to P32.84 billion from P23.89 billion in the same period in 2023. Miscellaneous income likewise jumped by 35.1% year on year to P1.31 billion from about P970,000 a year earlier.
Miscellaneous income includes trading gains, fees, penalties and other operating income, among others, according to the BSP.
This brought the central bank’s net loss before foreign exchange (FX) gains, tax, and capital reserves to P5.99 billion in the period, narrower than the P10.31-billion loss it recorded a year prior.
The BSP’s P3.75-billion net gain from FX rate fluctuations in the first two months helped narrow its bottom-line loss. However, this was 56.8% lower year on year from P8.68 billion.
The figure reflects FX gains from the BSP’s foreign currency-denominated transactions.
On the other hand, the central bank’s total assets hit P7.51 trillion as of February, up by 2.2% from P7.35 trillion in the previous year.
Total liabilities also increased by 2.2% to P7.37 trillion from P7.21 trillion.
This brought the BSP’s net worth to P133.78 billion at end-February, down by 4.5% from P140.09 billion a year prior. — L.M.J.C. Jocson
