DBP 10-mth net income down 12% at P3.95B

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STATE-OWNED Development Bank of the Philippines (DBP) reported a 12-percent drop in net income for the first 10 months of the year, tracing the decline to lower securities trading gains.

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In a statement issued on Friday, the DBP said its net income from January to October fell to P3.95 billion from P4.47 billion a year earlier.

Securities trading was weak at P2.08 billion, down from P2.70 billion in the comparative period.

“This was partly offset by net interest income, which grew 30 percent to P8.495 billion through October, an increase of nearly P2 billion over last year coming from interest income on investment securities held by the bank and from regular loans,” the bank said.

DBP’s operating expenses increased to P435 million, brought about by volume-related expenses including the Philippine Deposit Insurance Corp. fees (P180 million) and higher salaries and personnel expenses (P229 million).

Net loans and other receivables increased 23 percent to P183.173 billion from last year’s P149.294 billion. Growth came from higher regular loans and placements in unquoted debt securities classified as loans.

DBP said deposits for the 10-month period climbed 9 percent to P237.98 billion against last year’s P217.43 billion. MAYVELIN U. CARABALLO

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