BSP books P30.21-B net income in first five months
THE central bank’s net earnings surged to P30.21 billion in the first five months of the year, backed by higher interest and miscellaneous income.
The five-month tally surged by 115% from the P14.04-billion net profit it booked in the comparable year-ago period, based on data from the Bangko Sentral ng Pilipinas (BSP).
Revenues in the first five months increased 81.1% to P73.38 billion from P40.52 billion a year earlier.
The BSP’s interest income reached P43.86 billion, higher by 32.7% from the P33.04 billion in the first five months of 2020.
Miscellaneous income, which includes trading gains, fees, and penalties, surged by 294% to P29.52 billion from P7.49 billion. This, despite a net loss of P110 million from foreign exchange fluctuations, a reversal of the net gain worth P2.09 billion in the same period of 2020.
Meanwhile, the central bank’s expenses rose 50.7% to P43.06 billion from P28.57 billion a year earlier.
Broken down, interest expenses increased 40.4% to P24.48 billion from P17.43 billion.
Other expenses likewise inched up 67% to P18.58 billion from P11.13 billion.
The BSP’s assets increased 28.3% to P7.634 trillion as of May from P5.951 trillion a year earlier.
Its total liabilities also jumped P29% to P7.488 trillion from P5.804 trillion in the same period of 2020.
With this, the central bank’s net worth stood at P145.47 billion at end-May, lower by 0.4% from the P146.12 billion seen a year earlier. — LWTN
