DBP’s profit up 30.4% to B in quarter

State-run Development Bank of the Philippines (DBP) reported that its net income rose by nearly a third in the firstquarter of the year on strong loan portfolio.

In a statement, DBP said that the lender posted a 30.4 percent growth in profit from January to March this year to R1.29-billion from R989 million in the same period last year.

DBP attributed the increase on sustained growth of its loan portfolio.

At end-March, the bank’s gross loan portfolio grew by 30.6 percent to R232.1-billion from only R177.7 billion in the same period a year ago.

Total assets reached R512.9billion, representing a 6.2 percent increase from R483.2-billion registered in the same period last year.

Deposits, meanwhile, grew by two percent from R317-billion in the first quarter last year to R323.3-billion as of the end of March this year.

DBP president and chief executive officer Cecilia C. Borromeo said the improved financial performance should give the bank more financial muscle to support the strategic development thrusts of the government, particularly in building the country’s infrastructure.

“As a development financial institution, DBP will continuously strive to surpass the performance yardsticks by which the market measures financial institutions,” Borromeo said.

“At the same time, it shall continue implementing programs that promote inclusive growth particularly in the areas of social services and community development, SME promotion, and environmental responsibility,” she added.

DBP’s total capital adequacy ratio (CAR) improved to 15.8 percent in the first quarter of 2017, from 15.7 percent during the same period last year.

Borromeo said, “We will continue to intensify DBP’s efforts towards increasing access to a wide range of financial products and services. This is in support of the National Government’s strategy towards a more inclusive financial system.”