BSP net income jumps over 400% to P95.2B in first seven months

The Bangko Sentral ng Pilipinas (BSP) experienced a significant surge in its net income, recording an increase of over 400% from January to July of the current year.

Preliminary data reveals that the BSP's net income reached PHP95.2 billion by the end of July, a substantial rise from PHP18.5 billion during the same period last year.

This income growth was driven by a 57.1% increase in revenues, totaling PHP190.6 billion, primarily fueled by interest income and miscellaneous income.

Interest income alone contributed PHP140.2 billion, while miscellaneous income, including trading gains, surged to PHP50.2 billion.

Conversely, the BSP's expenses decreased to PHP125.7 billion from PHP137.1 billion in the previous year, with a notable reduction in other expenses such as net trading losses.

The central bank reported a net income before certain adjustments of PHP64.9 billion, a significant improvement from a PHP15.8 billion loss recorded a year prior.

Additionally, the BSP's total assets grew by 9.4%, reaching PHP7.95 trillion as of end-July, compared to PHP7.27 trillion in 2023.