26.4 C
Manila
Friday, January 24, 2020
Home Business Corporate News DBP Q3 income down to P4.42B

DBP Q3 income down to P4.42B

 

Development Bank of the Philippines (DBP) booked slightly lower earnings in the third quarter, reaching P4.42 billion against the P4.49 billion in the same period last year.

The bank higher provisions for impairment losses, taxes and operating expenses.

Despite posting weaker net income in July to August, DBP President and Chief Executive Officer Emmanuel Herbosa was still bullish on hitting the bank’s 2019 target.

“DBP remains confident of reaching its financial targets for this year,” Herbosa was quoted as saying in a statement.

“We have already achieved 75 percent of our net income target for 2019 due to a realization rate of 103 percent on our net income target for the third quarter,” he added.


Loan disbursements in the period totalled P329.1 billion, 33.8-percent up compared to the P246 billion posted a year earlier, with majority or P152 billion of it was released to infrastructure and logistics sector.

Loan releases to social services reached P67.33 billion; P44.6 billion allotted to environmental projects; and P24.6 billion for micro, small, and medium enterprises.

“DBP will continue with its drive to promote economic inclusion and remain a relevant and responsive partner of the national government in promoting sustainable development particularly in the countryside,” Herbosa said.

Total gross income, meanwhile, stood at P24.2 billion, up from 2018’s P18.9 billion. Total assets also improved to P700.9 billion, making it the eighth largest bank in the country in terms of assets.

2,188 vape stores closed in Metro Manila — NCRPO

A total of 2,188 vape stores in Metro Manila have been closed since the implementation of the vape ban, the National Capital Region Police...

Metro Manila police playing golf to be monitored anew — NCRPO

BRIG. Gen. Debold Sinas, National Capital Region Police Office (NCRPO) chief, announced on Friday that they would monitor anew Metro Manila policemen playing golf...

‘NewsHour’ host and debate moderator Jim Lehrer dies at 85

NEW YORK: Jim Lehrer, longtime host of the nightly PBS “NewsHour” whose serious, sober demeanor made him the choice to moderate 11 presidential debates...

Duterte threatens to end PH-US deal over visa cancellation of allied senator

PRESIDENT Rodrigo Duterte on Thursday threatened to terminate the Visiting Forces Agreement (VFA) between the Philippines and the United States (US) if Washington does...

Duterte okays probe of Ayala-UP technohub deal

PRESIDENT Rodrigo Duterte has given the green light for the review of the lease contract between the Ayala Group and the University of the...

Today’s Front Page January 24, 2020

Today’s Front Page January 24, 2020