BSP net income quadruples to P105.6 billion in 8 months

The Bangko Sentral ng Pilipinas (BSP) experienced a significant increase in its net income, quadrupling to P105.6 billion in the first eight months of the year compared to the same period in 2023.

This substantial income growth was primarily driven by a 24.9% rise in interest earnings, which reached P159.3 billion, forming the largest portion of the BSP's revenue.

Overall revenue for the BSP climbed by 57.6% to P220.2 billion, boosted by a fivefold increase in miscellaneous income, including fees and penalties.

Concurrently, the BSP managed to reduce its expenses by 10.8% to P143.2 billion during the January to August period.

A notable factor in expense reduction was the 38.8% decrease in other expenses, which encompass net trading losses.

The central bank also reported a P28.6-billion net foreign exchange gain, despite a 34.6% year-on-year decrease.

As of August, the BSP's total assets reached P7.77 trillion, marking a 4.6% increase from the previous year, with international reserves comprising the majority at P6.02 trillion.