State-owned Development Bank of the Philippines’ (DBP) net income surged to P7.1-billion in 2024—its highest in the past 10 years—representing a 20 percent increase from 2023 as the Bank ramped up its lending activities to key sectors, a top official said.
DBP President and CEO Michael O. de Jesus said the bank’s net income in 2024 was driven primarily by the 13 percent increment in its net core earnings as it exceeded its net income target of P5.5-billion by 29 percent.
“DBP’s resurgent performance in 2024 is a clear testament that it remains a strong and stable government financial institution that is greatly capable of funding the priority programs of the National Government,” de Jesus said.
DBP is the 10th largest bank in the country in terms of assets and provides financing to strategic and critical sectors such as infrastructure and logistics, micro, small and medium enterprises, community services, and the environment.
It has a branch network of 148 branches including 15 branch lite units located primarily in remote and underserved areas of the country.
De Jesus said DBP’s income from its lending operations increased by six percent last year to P31.7-billion compared to the P29.8-billionin 2023 while its income from its treasury operations inched up two percent to P14.9-billionfrom P14.6-billiondue to rise in interest rates.
He said DBP exceeded its non-interest income target by 81 percent to P4.04-billion on account of higher earnings from bank fees, foreign exchange transactions, and trading gains.
“DBP’s 2024 loans reached P536.8-billion, reflecting a five percent increase from the P509.2-billion registered in 2023,” de Jesus said.
“Out of the amount, 61 percent or P326.48-billion went to the infrastructure and logistics sector with projects mostly found in the National Capital Region, Metro Davao, Central Visayas, and Eastern Visayas.”
De Jesus said the bank provided P99.33-billion in loans to projects for social infrastructure and community development, P55.12-billion to projects for the environment, and P26.94-billion for micro, small, and medium enterprises.
