DOMINION HOLDINGS, Inc. (DHI) saw its net income decline by 12.45% year on year in the second quarter due to lower interest earnings.

The company’s net profit stood at P58.62 million in the three months ended June, down from P66.95 million in the same period last year, its financial statement showed.

This brought its net earnings for the first half to P134.48 million, up by 7.34% from P125.28 million a year ago, “as it benefited from the high interest rate environment as well as the reversal of provisions for probable losses on bond investments, which matured in the second quarter of 2024,” it said in a disclosure to the stock exchange. This translated to a return on equity of 5.66% and a return on assets of 5.65%.

Interest income declined by 21.96% to P67.49 million in the second quarter from P86.49 million a year ago, its quarterly report showed.

The company’s investment portfolio declined by 67.51% to P1.98 billion at end-June from P6.09 billion.

Total assets likewise fell by 47.97% year on year to P3.26 billion at end-June from P6.27 billion due to a cash dividend declaration worth P3.2 billion. — AMCS

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