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MANILA – Development Bank of the Philippines on Monday said its net income in the first six months of the year rose 9.2 percent to P1.9 billion.
In a statement, Francisco F. del Rosario, DBP president, said the profit increase was amid a 5.8 percent growth in loans to P179.17 billion from last year’s P169.30 billion.
He attributed the loan growth to such priority sectors as infrastructure and logistics, social services, the environment, and micro, small and medium enterprises.
“We remain financially sound and viable but more importantly, we have remained true to our developmental mandate by supporting critical sectors of the economy,” del Rosario said.
He said DBP extended P118-billion in loans to various priority sector borrowers during the period. Of this amount, 92.48 percent comprised developmental loans.
Non-performing loans fell to P4.89-billion from P5.3-billion in 2011, while non-performing assets eased from P7.56-billion to P6.86-billion.
NPA coverage increased to 82.42 percent from 72.52 percent last year.
DBP grew its assets by 1.52 percent from P306.33 billion last year to P310.98-billion this year, and its deposits by 2.24 percent from P131.01-billion to P133.94-billion.
The state-owned lender’s capital adequacy ratio stood at 21.6 percent, higher than the 19.36 percent last year, and well above the regulatory minimum of 10 percent.
DBP plans to open full-service branches in San Juan, Parañaque, Makati, Manila, Alabang in Metro Manila and in Santiago, Isabela in the Ilocos Region.
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