Development Bank of the Philippines (DBP) saw its net income rise in the first half of the year supported by robust lending and deposit businesses.
In a statement sent to reporters on Friday, Sept. 7, the state-run DBP said it booked P2.76 billion in profits from January-June, 4% higher than the P2.65 billion earned during the same period last year.
DBP President and Chief Executive Officer Cecilia C. Borromeo attributed the profit growth to the expansion of its loan and deposit activities.
The bank saw a double-digit expansion in its loan portfolio, with outstanding credits standing at P250.59 billion as of end-June.
Broken down, DBP channeled about P82.88 billion to the infrastructure and logistics sector, while it lent a total of P72.1 billion to government owned and controlled corporations, local government units and other private firms.
The agriculture sector received loans totalling P40 billion, while projects in healthcare, education and housing got P38.58 billion in assistance. — Karl Angelo N. Vidal