The Development Bank of the Philippines’ (DBP) net income for the first six months of 2023 rose 60 percent to P4.42 billion versus the same period last year as foreign currency profits increased along with non-recurring gains from disposing real and other properties. 

The state-owned bank is on track to meet its full year income target of P5.20 billion, said DBP President and Chief Executive Officer Michael O. de Jesus.

Loans for infrastructure and logistics accounted for the bulk of DBP's outstanding exposure at P281.59 billion, followed by loans to social infrastructure and community development at P110.03 billion.  

“A significant chunk of our loans, or about 55.5 percent of the Bank’s total portfolio of P507-billion, was released to bankroll public infrastructure under the National Government’s Build Better More program, majority of which are in the National Capital Region, Central Visayas, Davao, and Central Luzon,” de Jesus elaborated.

From January to June this year, DBP also provided P35.38 billion in loans for the agriculture sector, P79.93 billion for other developmental loans, such as financial and insurance activities, including manufacturing, wholesale and retail trade, and food services, P54.43 billion for environment-related projects, and P30.23 billion to support micro, small and medium enterprises. 

As of mid 2023, the state-owned bank posted a four percent growth in total deposits to P760 billion due to higher term and non-term deposits and registered a modest capital increase of eight percent to P83.64 billion from the P77.54 billion recorded during the same period in 2022. 

Overall, DBP maintained its solid financial position as abided by the administration's call to support critical investment areas, such as physical connectivity, water resources, agriculture, health, digital connectivity and energy. 

“Notwithstanding one-time gains, overall, the Bank’s performance in the first half of the year demonstrates its resilience as an institution and its readiness to support the National Government’s strategic initiatives to foster economic growth and financial stability,” de Jesus underscored.

“DBP’s position as the country’s infrastructure bank is aligned with our President’s vision of catalyzing progress through economic efficiency through well-planned and inclusive infrastructure development,” he reiterated.

DBP is the eighth largest bank in the country in terms of assets and remains a partner of the National Government in serving the financing needs of strategic and critical economic sectors, from infrastructure and logistics, micro, small and medium enterprises, social services, to the environment.