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Keisha Ta-Asan - The Philippine Star
February 22, 2025 | 12:00am
DBP president and CEO Michael de Jesus said the bank’s 2024 net income was driven primarily by the 13-percent increase in its net core earnings.
STAR / File
MANILA, Philippines — State-run Development Bank of the Philippines (DBP)’s net income surged by 20 percent to P7.1 billion in 2024 from a year ago as the lender ramped up its lending activities to key sectors.
DBP president and CEO Michael de Jesus said the bank’s 2024 net income was driven primarily by the 13-percent increase in its net core earnings. This also allowed the bank to exceed its net income target of P5.5-billion by 29 percent.
“DBP’s resurgent performance in 2024 is a clear testament that it remains a strong and stable government financial institution that is greatly capable of funding the priority programs of the national government,” De Jesus said.
Income from the state-owned bank’s lending operations rose by six percent to P31.7 billion in 2024 from P29.8 billion in 2023. Income from its treasury operations inched up by two percent to P14.9 billion from P14.6 billion amid higher interest rates.
The DBP also exceeded its non-interest income target by 81 percent to P4.04 billion on the back of higher earnings from bank fees, foreign exchange transactions and trading gains.
Loans disbursed reached P536.8 billion last year, five percent higher than the P509.2-billion registered in 2023.
“DBP’s financial performance mirrors largely the optimism of the public on the prospects of the economy in the coming years even as we aggressively pursue programs that would advance the national economic agenda of the President,” de Jesus said.
The state-run lender’s capital adequacy ratio stood at 14.9 percent as of end-2024, an increase from the 13.92 percent recorded during the same period in 2023. Its common equity tier 1 capital ratio stood at 13.98 at year-end 2024, higher than the 13 percent recorded in 2023.
DBP is the 10th largest bank in the country in terms of assets.
