The Bangko Sentral ng Pilipinas (BSP) recorded a P3.09-billion income in the first six months to June, a reversal of the P7.59-billion loss the same period in 2008.

Based on official data, the BSP incurred a P790-million loss from foreign exchange (FX) transactions in the first half, lower compared to the P10.43 billion FX losses in June of last year.

The same data show the central bank reported revenues of P47.57 billion, higher than last year’s P42.44 billion. Total expenses also increased to P41.69 billion from P39.6 billion the same period in 2008.

Because of lower rates, BSP’s interest income decreased to P32.28 billion in the first semester compared P35.63 billion last year, while miscellaneous income went up to P13.39 billion from P6.82 billion.

As for interest expenses, this was lower at P31.89 billion from P33.71 billion in June of last year while the BSP also paid P9.8 billion tagged as “other” expenses. Interest expenses include the costs of maintaining bank funds parked in short-term facilities such as special deposit accounts and reverse repurchase agreements.

The central bank’s total assets expanded by 8.7 percent year-on-year to P2.41 trillion as of end-June while total liabilities were up 5.5 percent higher to P2.17 trillion.

BSP’s total net worth as of the end of the first semester stood at P237.8 billion, lower than last year’s P244.4 billion. The institution’s surplus/reserves reached P227.3 billion, which was also lower compared to the same period last year of P234.4 billion.

Last year the central bank reported an unaudited income gain of P8.93 billion from a loss of P86.94 billion in 2007. BSP also realized FX gains of P530 million in 2008, a huge turnaround from the P113.7 billion FX losses in 2007.

The BSP paid the National Government P6 billion in dividends. The last time the BSP remitted dividends was for 2006 gains when it reported P3.79-billion income.