State-owned Development Bank of the Philippines (DBP) recorded P2.8-billion net income for the first half of the year, on the back of robust increases in loan portfolio and deposits.
In a statement, DBP said that compared to the P1.9 billion recorded for the same period last year, its net income for the first six months of 2013 registered a 46-percent increase.
The bank’s gross loan portfolio and deposit levels registered double-digit gains, as improvement in efficiency ratio contributed to higher return on equity at 14 percent. Its capital adequacy ratio further rose to 23.9 percent from 21.6 percent.
“DBP continues to provide financing to priority projects involving infrastructure and logistics, social services, protection of the environment, micro small and medium enterprises,” it stated.
The bank added that by opening up more branches this year in underbanked areas in the country where micro, small and medium enterprises (MSMEs) are located, it expects the MSME sector to drive inclusive growth.
It cited data from the Department of Trade and Industry, which showed that the MSME sector now accounts for more than 98 percent of registered businesses in the country, generating some four million jobs.
Mayvelin U. Caraballo