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June 22, 2024

BSP’s H1 net income drops 64%

The Bangko Sentral ng Pilipinas (BSP) reported a net income of P19.86 billion for the first six months of 2023, a 64 percent decrease compared to the same period in 2022, according to BSP’s preliminary data.

The second quarter, however, showed a reversal of fortunes with a net income of P21.3 billion, primarily due to higher interest income from international reserves and gains from foreign exchange rate fluctuations.

As of the end of June, BSP’s foreign exchange gains amounted to P31.81 billion, a 16.9 percent increase from the same period in the previous year.

Total revenues for the first half of 2023 reached P90.63 billion, driven by interest income from international reserves and domestic securities.

Despite these challenges, BSP remains in a strong financial position, with a net worth of P167.34 billion as of June 30, 2023.