BSP Net Income Increases by Over 400% as of End-July

The Bangko Sentral ng Pilipinas (BSP) saw a significant increase in net income from January to July this year, rising to PHP95.2 billion—a jump of 414% compared to PHP18.5 billion during the same period last year. This marks a notable improvement in the central bank’s financial standing, according to recent reports.

Revenues for BSP grew by 57.1%, reaching PHP190.6 billion from last year’s PHP121.3 billion. Most of these earnings came from interest income, which increased to PHP140.2 billion.

Miscellaneous income, which includes trading gains, fees, and penalties, also saw a boost, rising to PHP50.2 billion from PHP11.7 billion last year.

On the other hand, the bank’s expenses dropped to PHP125.7 billion, down from PHP137.1 billion, despite a slight rise in operational costs. This led to a net income of PHP64.9 billion before accounting for any foreign exchange fluctuations.

Additionally, BSP’s total assets increased by 9.4% to PHP7.95 trillion, largely due to its international reserves. Liabilities also rose by 8.2%, while net worth grew by 77.2% to PHP230.9 billion, based on a report from the Philippines News Agency.

This surge in net income highlights BSP’s improved financial performance and effective management during the first half of the year. (ASC)