DBP end-July ’09 net income reaches P2.47B

August 20, 2009 9:47 am 

By Joann Villanueva

MANILA, Aug. 20 – Development Bank of the Philippines (DBP) president Reynaldo David on Thursday said the bank is very liquid and is in a more strategic position to perform its mandate of supporting various development programs of the government after posting P2.47 billion net income in end-July 2009.

Its net income at the end of the seventh month this year is higher than year-ago’s P1.88 billion.

In a briefing Thursday, David said they continue to exceed expectations by maintaining its strong financial position this year.

“More important than these financial achievements, however, is the fact that DBP’s financial gains generated the much-needed funds to support government’s developmental thrusts and priorities,” he stressed.

The bank’s total resources went up to P271.56 billion during the seven-month period and is higher than year-ago’s P250.63 billion.

Capital as of end-July 2009 is also higher at P37.12 billion from year-ago’s P34.52 billion.

Deposit base jumped to P110.29 billion from year-ago’s P86.74 billion and is higher than its P92.08 billion deposits as of end-2008.

The bank’s capital adequacy ratio (CAR) in the first seven months this year is at 20.34 percent, far higher than the 10-percent requirement of the central bank.

Its return on equity is at 11.39 percent during the period while returns on asset stood at 1.56 percent during the same time.

Loan portfolio also went up to P156.04 billion as of end-July this year, exceeding the P144.44 billion it achieved in the whole of 2008.

David added its financing in infrastructure and logistics-related projects of the government reached P20.31 billion in end-July this year and is also higher than the P17.81 billion in end-2008. (PNA) LDV/JS


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