DBP reports 20% net income growth, highest in 10 years

State-owned lender Development Bank of the Philippines (DBP) reported a net income growth of 20% in 2024, reaching its highest level in ten years at P7.1 billion.

This significant performance was driven by a 13% increase in core earnings and exceeded the bank's target of P5.5 billion by 29%, with income from lending operations rising by 6% to P31.7 billion.

DBP president Michael de Jesus attributed this success to the bank's increased lending activities supporting key sectors aligned with the Marcos administration’s socio-economic agenda, including a 5% increase in total loans to P536.8 billion.

Of the total loans, 61% or P326.48 billion went to infrastructure and logistics projects in strategic regions such as the National Capital Region, Metro Davao, Central Visayas, and Eastern Visayas.

The bank also provided substantial funding for social infrastructure (P99.33 billion), environmental projects (P55.12 billion), and micro, small, and medium enterprises (MSMEs) (P26.94 billion).

DBP's new charter, ratified by Congress this month, will raise the authorized capital stock to P300 billion from P35 billion, allowing for increased financing in strategic sectors.

The bank expects its net income to reach about P7.3 billion to P7.35 billion and its loan portfolio to grow by 5% in 2025.