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.