EARNINGS at state-owned Development Bank of the Philippines (DBP) rose 12.3% from a year earlier to P3.1 billion in the first half, boosted by lending growth, the bank said in a statement on Friday.

The bank did not provide second-quarter financial figures.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said a higher net income would allow them to support growth initiatives of the government of President Rodrigo R. Duterte.

The gross loan portfolio of the country’s eighth largest bank in terms of assets rose by a fifth to P368.33-billion in the first half, according to the statement.

DBP lends to growth sectors such as infrastructure and logistics, and micro, small and medium enterprises.

Deposits increased to P464.8 billion from P431.7 billion a year earlier, boosted by the bank’s expanded branch network. DBP has 137 branches that include 10 units that cater to underbanked areas of the country. — Beatrice M. Laforga