The Bangko Sentral ng Pilipinas (BSP) posted another record net income of P19.08 billion at the end of the first 11 months of 2016 as its revenues jumped by over a fourth while expenses slightly declined.
The latest data showed that the BSP reversed the P3.77-billion net loss at end-November 2015.
Faster growth
From January to November, the BSP’s revenues grew 26.3 percent to P65.68 billion from P52.02 billion a year ago.
The end-November revenue growth was faster than the 12.3-percent year-on-year increase recorded in the same 11-month period of the previous year.
Interest income increased to P42.57 billion from P35.48 billion in 2015, while miscellaneous income amounted P23.11 billion, up from P16.54 billion a year ago.
Realized gains
Meanwhile, end-November expenses slid 2.2 percent to P64.26 billion from P65.72 billion in the first 11 months of 2015, during which expenses rose 3.9 percent year-on-year.
Interest expenses declined to P40.34 billion from P44.72 billion a year ago, although other expenses increased to P23.92 billion compared with P21 billion in 2015.
End-November net income before gains in foreign exchange rate fluctuations reached P1.42 billion, reversing the P13.7-billion loss a year ago.
Gains on foreign exchange rate fluctuations also rose to P17.67 billion from P9.93 billion during the first 11 months of 2015.
The BSP explained that this amount represented “realized gains from fluctuations in foreign exchange rates arising from foreign currency-denominated transactions of the BSP, including: Rollover/re-investments of matured FX investments with foreign financial institutions and FX-denominated government securities; servicing of matured FX obligations of the BSP; and maturity of derivatives instruments.”
In 2015, the BSP posted a net loss of P3.9 billion, sustaining annual losses since 2010.
Last year’s net loss was nonetheless the smallest during the last six years, compared with 2010’s P59.04 billion, 2011’s P33.69 billion, 2012’s P95.38 billion, 2013’s P17.51 billion and 2014’s P10.11 billion.