After intensifiyng its lending activities, the Development Bank of the Philippines netted P5.35-billion earnings in the first nine months of 2022, up 177 percent versus the same period last year.
“DBP’s performance this year attests to its stability as a government financial institution and reflects the optimism in the country’s economic prospects as we emerge from a downturn exacerbated by the pandemic,” he maintained.The Bank’s total loans to borrowers from January to September 2022 reached P504.8-billion, reflecting a 15 percent growth from the P439.30-billion recorded last year, on the back of brisk lending as the economy re-opened.
“DBP’s support for social infrastructure and community development projects totaled P103.71-billion, representing 20.5 percent of its total loan portfolio,” Herbosa pointed out. DBP’s net income before provisions stood at P10.62-billion, largely weighed down by provision for credit losses at P4.25-billion and income taxes at P1.02-billion, noted DBP Executive Vice President for Operations Fe Susan Z. Prado.