BSP earnings up 250% in seven months to July

The Bangko Sentral ng Pilipinas (BSP) said its net income was P48.71 billion in the seven months to July, up 250%, as revenue nearly doubled due to a strong trading performance as well as interest and fee income.

According to preliminary BSP data, earnings grew from P45.44 billion posted in the first half.

Revenue rose 95.3% to P107.75 billion at the end of July and was up 12.4% from the first half total following a 42% gain in interest income to P65.59 billion.

Miscellaneous income, which includes trading gains or losses, fees, penalties and other operating income, rose to P42.16 billion from P8.98 billion a year earlier.

Month-on-month, miscellaneous earnings rose 2%. These earnings have surpassed the full-year tally of P32.7 billion generated in 2020.

The bank posted a net foreign exchange gain of P800 million, reversing a loss of P320 million a year earlier. The bulk of the gains happened in Juy after gains were only at P50 million as of the first half.

The central bank’s overall expenses stood at P59.85 billion in the seven months, up 46.7% from a year earlier and up 18.4% from the first half.

Interest expense rose 39% to P34.67 billion and 16.4% against the first half tally. — Beatrice M. Laforga