This government bank is on track to hit its full-year income guidance.
The Development Bank of the Philippines’ (DBP) is outpacing other big banks in the country as it posted a strong 13 percent increase in net income. Profits reached P4.49 billion for the first nine months of 2018 versus P3.98 billion during the same period in 2017.
This comes as other lenders are seeing incomes drop due to lower trading gains.
“DBP has surpassed most of its fiscal targets for the year, and at the same time, remains financially strong to support the various development initiatives of the government,” said bank president and chief executive officer Cecilia Borromeo.
This is beyond the P4.06 billion they expected to make from January-September. What’s more, net income is already 81 percent of the full-year target of P5.56 billion.
Loan growth drove DBP’s bottom line higher, as they are already at P250.3 billion versus the P256.6-billion portfolio size protected for the full year.
