After intensifiyng its lending activities, the Development Bank of the Philippines (DBP) netted P5.35-billion earnings in the first nine months of 2022, up 177 percent versus the same period last year.
After intensifiyng its lending activities, the Development Bank of the Philippines netted P5.35-billion earnings in the first nine months of 2022, up 177 percent versus the same period last year.
“DBP’s performance this year attests to its stability as a government financial institution and reflects the optimism in the country’s economic prospects as we emerge from a downturn exacerbated by the pandemic,” he maintained.The Bank’s total loans to borrowers from January to September 2022 reached P504.8-billion, reflecting a 15 percent growth from the P439.30-billion recorded last year, on the back of brisk lending as the economy re-opened.
“DBP’s support for social infrastructure and community development projects totaled P103.71-billion, representing 20.5 percent of its total loan portfolio,” Herbosa pointed out. DBP’s net income before provisions stood at P10.62-billion, largely weighed down by provision for credit losses at P4.25-billion and income taxes at P1.02-billion, noted DBP Executive Vice President for Operations Fe Susan Z. Prado.
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