BSP earnings more than triple in 6 months

BSP earnings more than triple in 6 months

The Bangko Sentral ng Pilipinas (BSP) saw its first half net income surge more than three-fold to P45.4 billion on higher trading gains.

Revenues more than doubled to P95.9 billion.

The central bank booked a foreign exchange gain of only P51 million compared to P1.58 billion last year.

For the second quarter, the BSP’s profit declined to P20 billion quarter on quarter, largely due to the “significant increase in interest on national government (NG) deposits combined with large decline in miscellaneous income.”

Preliminary data showed that BSP’s total assets, which comprise of international reserves, grew by 22.1 percent to P7.68 trillion as of end-June.

Total liabilities likewise expanded by 22.8 percent to P7.53 trillion.

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