Manila Bulletin
DBP's net income reaches ₱7 billion, highest in 10 years, driven by strong lending, treasury operations
The Development Bank of the Philippines (DBP) reported a 20% year-on-year increase in its net income for 2024, reaching P7.1 billion, its highest in a decade.
This improved financial performance surpassed its P5.5 billion target by 29%, attributed to a 13% rise in net core earnings.
DBP president and CEO Michael de Jesus stated that the bank's strong performance enables it to fund crucial national government programs.
Lending operations contributed P31.7 billion to DBP's income, with disbursed loans reaching P536.8 billion, up 6% from 2023.
A significant portion of these loans, P326.48 billion, was directed to infrastructure and logistics firms for projects in various regions, while P99.33 billion supported social infrastructure and community development.
DBP also provided P55.12 billion for environmental projects and P26.94 billion for micro, small and medium enterprises.
Non-interest income reached P4.04 billion, surging 81% above its target, driven by higher earnings from bank fees, foreign exchange transactions, and trading gains.
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