AN expansive loan portfolio growing close to six percent in the first six months allowed state-owned Development Bank of the Philippines (DBP) to report profits 9.2 percent higher to P1.9 billion.
In a statement sent by e-mail, DBP President and Chief Executive Officer Francisco F. del Rosario Jr. said the bank’s loan portfolio grew by 5.8 percent during the period to P179.17 billion from year ago of only P169.30 billion.
He traced the expanding profits to greater efficiency in the use of DBP’s assets and to investment gains during the period.
According to del Rosario, DBP pushed forward and focused its lending to such priority sectors as infrastructure and logistics, social services, the environment, and micro, small and medium enterprises (MSMEs).
“We remain financially sound and viable but more importantly, we have remained true to our developmental mandate by supporting critical sectors of the economy,” he said.
He also said DBP extended a total P118 billion worth of loans to various priority sector borrowers during the period.
Of this amount, P109 billion or 92.48 percent comprised of developmental loans with the remaining P8.8-billion were commercial loans.
Deposit levels grew by 2.24 percent, from P131.01-billion to P133.94-billion this year.
Capital Adequacy Ratio (CAR) based on Basel II stood at 21.6 percent, higher than ratio of only 19.36 percent recorded during the same period last year.