State-owned Development Bank of the Philippines (DBP) reported its full-year income for 2019 reached P6.06-billion, reflecting a 5.94 percent increase from the P5.72-billion it earned in 2018, a top official said.
DBP President and Chief Executive Officer Emmanuel Herbosa attributed the increase on the healthy returns in its lending and investment activities with interest income growing 28 percent to P29.64-billionfrom P23.22-billionin 2018.
“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,” Herbosa said.
DBP is the eighth largest bank in the country in terms of assets and has been designated as the country’s Infrastructure Bank by the National Government. The bank provides credit support to four strategic sectors of the economy — infrastructure and logistics, micro, small and medium enterprises (MSMEs), social services and community development, and the environment.
Herbosa said DBP’s total loan portfolio stood at P414.06-billion, up by 25.88 percent from the P328.92-billion recorded in 2018, with about 46.2 percent or P164.8-billion allocated for the infrastructure and logistics sector.
He said total assets rose by 13.83 percent to reach P762.17-billion compared to the P669.59-billion recorded in the previous year.
Herbosa said DBP broadened funding support for the social services sector such as the construction of hospitals and schools nationwide with a total loan portfolio of P71.2-billion.
“DBP also lent P27.8-billion to the MSME sector including retail loans and loans to participating financial institutionsand approved a total of P44.3-billion in financial assistance for environmental projects,” he said.