Wednesday, 9 December 2009

BSP posts P8.7-B income in 8 months

By LEE C. CHIPONGIAN
Manila Bulletin
http://www.mb.com.ph/articles/233072/bsp-posts-p87b-income-8-months

The Bangko Sentral ng Pilipinas (BSP) recorded P8.65-billion income in the first eight months to August, up from the same period last year of P4.03 billion.

BSP data show that it earned P2.72-billion from foreign exchange (FX) transactions during the period, compared to the P430 million FX losses in August of last year.

The same data indicated that the central bank reported revenues of P60.65 billion, higher than last year’s P58.55 billion. Total expenses were almost unchanged at P54.72 billion from P54.47 billion the same period in 2008.

BSP’s interest income decreased to P41.85 billion in the first eight months compared to P46.25 billion last year, mainly due to the lower rates environment.

Miscellaneous income, in the meantime, went up to P18.53 billion from P11.64 billion a year ago.

Interest expenses, on the other hand, amounted to P41.85 billion as of end-August from P46.25 billion while the BSP also posted costs totaling P12.87 billion as other expenses. Interest expenses include the costs of maintaining bank funds parked in short-term facilities such as special deposit accounts and reverse repurchase agreements.

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