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DBP registers 19% profit growth to P2.349-billion in 1st half of 2015

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State-owned Development Bank of the Philippines (DBP) registered a 19% growth or a P382-million increase in net income to P2.349-billion in the first half of 2015 (or as of June 30, 2015), year-on-year, due to growth in core income.  This translates to an annualized Return on Equity (ROE) of 11.04% and makes DBP on track to meeting its full year profit target for 2015.

Interest income from loans posted a 20% growth or a P626-million increase.  Other core income items likewise grew over same period last year:  interest income on investments was higher by P122-million, gains on investment securities increased by P158-million, foreign exchange gains were higher by P840-million and dividend income, higher by P166-million.  Provisioning for losses were lower by P353-million.

Total assets climbed by 8% to P455.398-billion accounted for mainly by cash and due from other banks (+P29.122-billion or 37% increase) and investments (+P17.646-billion or +12%).  Loans and other receivables contracted by P3.715-billion or a 2% decrease; likewise, other assets were lower by P8.198-billion or a 105% reduction.  Liabilities growth came from a 17% increase in deposits, representing a P42.106-billion build-up.  This allowed the bank to reduce other borrowings which dropped by 12% for a P10.635-billion decrease.

DBP was awarded the prestigious Karlsruhe Sustainable Finance Awards in the recently-concluded 2015 Global Sustainable Finance Conference.  DBP won in the “Outstanding Sustainable Project Financing” category, highlighting the bank’s strong leadership in sustainable development financing.  This marks DBP’s second recognition from the Global Sustainable Finance Network (GSFN) for its contribution to the field of sustainable finance.

DBP’s winning entries were for the P1.1-billion Cebu Bulk Water Supply Project that will produce 35 million liters of water daily to homes in central and northern Cebu (which also won the 2015 Outstanding Development Project Award, Local Economic Development category from the Association of Development Financing Institutions in Asia and the Pacific – ADFIAP) and the Palawan State University forest project, funded under DBP’s Forest Program.  DBP also won the 2015 ADFIAP Outstanding Development Project Award, Corporate Governance Category for its governance policies that ensure its culture of ethics, compliance and social responsibility permeates all levels of Bank operations and practices.

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