DEVELOPMENT BANK of the Philippines (DBP) said net profit rose 5.94% to P6.06 billion in 2019 after exceeding its loan approval target, with much of its financing going to infrastructure projects.

In a statement Friday, DBP President and CEO Emmanuel G. Herbosa said the bank realized “healthy returns (from) its lending and investment activities,” with interest income growing 27.64% to P29.64 billion.

The state-owned bank’s total loan portfolio grew 25.88% to P414.06 billion last year.

DBP said infrastructure and logistics loans totaled P164.8 billion, while those issued to social services projects P71.2 billion. It extended P27.8 billion worth of loans to the micro, small and medium enterprises (MSME) sector and P44.3 billion to environmental projects.

The bank’s mandate is to provide credit to sectors deemed strategic by the government.

Mr. Herbosa said the bank exceeded by a wide margin its P75-billion target for loan approvals in 2019, approving P133.1 billion worth of loans.

“DBP boosted its lending activities in 2019, in support of the national government’s goal of increasing investments in the infrastructure sector, so as to further build up the economy and promote inclusive growth especially in areas outside of traditional urban centers,” he was quoted as saying in the statement.

The bank’s deposits totaled P554.63 billion in 2019, up 16.9%, while its net worth was P60.29 billion at the close of the year.

Deposits by public-sector entities amounted to P408.72 billion.

Assets totaled P762.17 billion in 2019, growing 13.83%.

The bank has 129 branches, 11 branch-lite units and 836 automated teller machines.

DBP is the Philippines’ eighth-largest bank by assets. — Beatrice M. Laforga