State-owned Development Bank of the Philippines’ net income surged by 50 percent in 2022 to P5.61 billion from P3.74 billion in 2021, fueled by increased lending activities as a result of the full reopening of the local economy, a top executive said Thursday.
DBP president and chief executive Michael de Jesus attributed the rise in the bank’s net income to higher loan volume and interest income, combined with prudent management of interest expense despite the rise in loan loss provisioning.
“This resurgent financial performance of DBP enhances its inherent strong capacity to support the national government’s goal of promoting sustainable and equitable economic growth in the country, through the provision of vital financial support to various socio-economic initiatives, particularly on infrastructure development,” de Jesus said.
DBP is the eighth largest bank in terms of assets and provides credit support to four strategic sectors of the economy—infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development. It has a network of 132 branches and 15 branch lite units.