WebClick Tracer

September 24, 2023

DBP records 60% increase in H1 earnings to P4.4 Billion

The Development Bank of the Philippines (DBP) has reported a 60 percent surge in net income for the initial half of 2023, reaching P4.42 billion compared to the same period last year, fueled by rising foreign currency profits and non-recurring gains from property dispositions.

Bankero, DBP President and CEO Michael O. de Jesus stated that the bank is on course to meet its full-year income target of P5.20 billion.

Notably, DBP’s prominent loan exposure of P281.59 billion was allocated to infrastructure and logistics, followed by P110.03 billion for social infrastructure and community development.

The bank’s consistent financial strength is aligned with its commitment to bolster crucial investment sectors, as it continues to collaborate with the National Government to support economic growth and stability.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

Read More ...