Diokno said in a message the merger would create the largest financial institution in the country that would better serve the country’s development needs.
“DBP is committed to fulfilling its mandate of being a catalyst for national development by serving the financing needs of strategic and critical economic sectors, particularly infrastructure and logistics, micro, small and medium enterprises, social services and the environment,” the bank said.“We assure the general public that the entire board of directors, management team and the rest of the public servants of DBP remain steadfast in serving the banking needs of our clients.
He said the merger would complement the strengths and address the weaknesses of the two banks, while the improved financial position would provide a bigger headroom for loans that could be utilized for development projects. He said the merged bank would be in the best position to serve as the sole authorized government depository bank for the entire government and its instrumentalities.
Assets posted a double-digit expansion of 21.5 percent to P3.1 trillion from P2.6 trillion, driven by deposits which expanding by 21.8 percent to P2.8 trillion from P2.3 trillion. Its financial ratios remained at healthy levels, with return on equity at 14.37 percent, return on assets at 1.05 percent and net interest margin at 2.97 percent.
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