Development Bank of the Philippines (DBP) saw its net income rise in 2017 on the back of steady growth in its loan portfolio.
In a press briefing on Monday, Feb. 26, DBP President and Chief Executive Officer Cecilia C. Borromeo said the state-owned lender booked a P5.1 billion net income in 2017, 22% higher than the P4.2 billion posted in 2016.
“There are a lot of positive things going in our institution. We are experiencing robust growth in our financials,” Ms. Borromeo said.
DBP’s net income growth was mainly spurred by its gross loan portfolio which grew to P293.47 billion by 22% from the P240.9 billion logged in a comparable year-ago period.
The lender’s deposits expanded to P412.36 billion last year, up 16% from the P356.24 billion recorded in 2016.
Overall, DBP’s total assets reached P597.41 billion, growing 11% from the P536.11 figure in 2016. — Karl Angelo N. Vidal