Friday, 15 May 2009

Dev't Bank of the Philippines net income up 47% in Q1

Erik de la Cruz
Business Mirror
http://www.businessmirror.com.ph/home/banking-a-finance/10287-dbp-net-income-up-47-in-q1.html

THE Development Bank of the Philippines (DBP), the country’s fifth-largest bank in assets, on Thursday said its quarterly earnings jumped 47 percent, reflecting improved retail lending operations and gains from investment transactions.

Net income in the first quarter rose to P1.22 billion from P830 million in the same period last year. Gross income jumped to P4.96 billion from P3.86 billion.

Gross loan portfolio expanded slightly to P175.83 billion from P175.22 billion, the bank said in a statement.

Nonperforming loans dropped to P2.58 billion from P3.1 billion a year ago.

The state-owned bank grew its assets by about 7 percent to P301.51 billion as of end-March, from P281.88 billion a year ago.

Its capital-adequacy ratio, a measure of capital strength relative to its risk-weighted loan exposures, improved to 23.29 percent as of end-February from 21.36 percent a year ago.

Deposits continued to grow, reaching P103.35 billion as of end-March from last year’s P69.90 billion, with government deposits accounting for 71 percent of total.

The bank, which provides financing mainly for small and medium-scale enterprises, plans to put up 51 additional branches to expand its nationwide network to 128 by 2010, as it intends to do more retail banking starting this year.

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