State-owned Development Bank of the Philippines (DBP) posted a 36% growth or P267-million increase in net income to P1-billion for the 1st quarter of 2015, year-on-year, due to strong growth in the bank’s core businesses.
Total interest income increased by P267-million, representing 11% growth year-on-year to P2.707-billion, contributed by a 27% rise in interest income on loans to customers to P1.908-billion. Cost of funds increased by only 12% which further contributed to the bottom line 36% net profit growth.
Total assets grew by 8% to P455.8-billion (an increase of P32-billion), mainly contributed by a 21% increase in development loans. Deposits climbed by 20% for an increase of P48.4-billion and other liabilities went up by 19% or P2.7-billion mainly from an increase in letters of credit and other payables.
The bank successfully passed the Proficiency Stage of the Performance Governance System (PGS) in the public revalida by DBP chairman Jose A. Nunez, Jr. during the Public Governance Forum held on May 4, 2015 at the Philippine International Convention Center. DBP also received its second Silver Governance Trailblazer Award, coming on the heels of the first award it received on October 21, 2014 when it passed the Compliance Stage. DBP’s early gains in realizing its breakthrough goals — of a ten-fold increase in loans to its core mandate sectors from P6.9-billion in 2013 to P60-billion in the 3-year-period starting from 2014 thru 2016 — were indeed extraordinary as the bank reached the P25.8-billion mark on the first year, 2014.