BSP net income surges nearly fivefold to P113.6 billion

The Bangko Sentral ng Pilipinas (BSP) reported a significant increase in its net income, reaching P113.6 billion from January to November last year, a nearly fivefold jump from the P23.3 billion earned during the same period in 2023.

This substantial income growth was primarily driven by a 42.9 percent surge in revenues, which reached P278.3 billion, up from P194.8 billion in the previous year.

The increase in revenue was largely due to higher interest income from foreign investments, government securities, and Treasury bonds, which grew by 22.5 percent to P221.2 billion.

Miscellaneous income, including trading gains, fees, and other operating income, also saw a fourfold increase, contributing significantly to the overall revenue hike.

Concurrently, the BSP managed to decrease its total expenses by 10.5 percent, amounting to P203.1 billion, down from P227 billion in the comparable period of 2023.

While interest expenses saw a slight increase of 0.4 percent to P154.3 billion, other expenses were reduced by 33.3 percent to P48.9 billion.

Despite the overall positive financial performance, the BSP recorded a 30.5 percent decrease in net gains from foreign exchange rate fluctuations, which amounted to P38.6 billion compared to P55.5 billion in 2023.