State-owned Development Bank of the Philippines (DBP) reported a 20% jump in net income to P7.1 billion in 2024, driven by higher lending to key economic sectors.
DBP’s earnings exceeded its P5.5 billion target by 29%, supported by a 13% increase in net core earnings, president and CEO Michael de Jesus said in a statement.
“DBP’s resurgent performance in 2024 is a clear testament that it remains a strong and stable government financial institution that is greatly capable of funding the priority programs of the national government,” de Jesus said in a statement.
Income from lending operations rose 6% to P31.7 billion, while earnings from treasury operations edged up 2% to P14.9 billion amid higher interest rates.
The bank’s non-interest income jumped 81% to P4.04 billion, driven by higher bank fees, foreign exchange transactions, and trading gains.
DBP’s loan disbursements grew 5% to P536.8 billion, with 61% allocated to infrastructure and logistics projectsconcentrated in Metro Manila, Metro Davao, Central Visayas, and Eastern Visayas.
The bank’s capital adequacy ratio rose to 14.9% from 13.92% in 2023, while its common equity tier 1 capital ratio increased to 13.98% from 13% a year earlier.
DBP, the Philippines’ 10th largest bank by assets, finances key sectors such as infrastructure, logistics, small businesses, and environmental projects. It operates 148 branches, including 15 branch-lite units in underserved areas.
