DBP reports 5.72-B net income in 2018, up 4.19%

State- owned Development Bank of the Philippines (DBP) reported yesterday that its fullyear income for 2018 reached 5.72-billion reflecting a 4.19% increase from the 5.49 billion it earned in 2017.

DBP President and Chief Executive Officer Emmanuel G. Herbosa attributed the increase to the growth of its loan portfolio as well as the expansion of its deposit generation activities especially in the countryside.

“DBP ramped up its lending activities last year in support of the administration’s goal of increasing investments in infrastructure to boost 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 Infrastructure Bank by the National Government. It provides loans to four key 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 328.93 billion, up by 12% from the 293.82 billion recorded in 2017 with about 33.6 percent or 110.52 billion allocated for the infrastructure and logistics sector.

He said total assets rose by 10% to reach 669.75 billion compared to the 592.36 billion recorded in the previous year, adding that “…DBP is on track to achieve its goal of becoming a trillion-peso bank by 2022...”

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 41.31 billion.

“DBP also lent 21.9 billion to the micro, small, and medium enterprises ( MSME) sector including retail loans and loans to participating financial institutions and approved a total of 10.34 billion in loans for environmental projects,” he said.