BSP net income up by over 400% as of end-July

Bangko Sentral ng Pilipinas (File photo / Philippine Daily Inquirer)

MANILA, Philippines – The net income of the Bangko Sentral ng Pilipinas (BSP) went up by more than 400 percent in January to July this year.

Preliminary data from the BSP showed that net income rose to P95.2 billion as of end-July, up by 414 percent from the P18.5 billion in the same period last year.

Revenues increased by 57.1 percent to P190.6 billion from P121.3 billion.

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Data showed that interest income accounted for more than half of the central bank’s revenues during the period at P140.2 billion from P109.6 billion last year.

Miscellaneous income, which includes trading gains or losses, fees, penalties, and other operating income, likewise rose to P50.2 billion from P11.7 billion a year ago.

The BSP’s expenses, meanwhile, amounted to P125.7 billion, lower than last year’s P137.1 billion.

Broken down, expenses went up to P98.4 billion from P94.6 billion.

On the other hand, other expenses which also include net trading losses, declined to P27.4 billion from P42.5 billion.

Net income before net gain on foreign exchange rates fluctuation, income tax, and capital reserves amounted to P64.9 billion, a turnaround from the P15.8 billion loss a year ago.

A separate data showed that the central bank’s total assets increased by 9.4 percent to P7.95 trillion as of end-July from P7.27 trillion in 2023.

Bulk of the BSP’s assets are international reserves which went up to P6.2 trillion from last year’s P5.4 trillion.

The total liabilities went up by 8.2 percent to P7.7 trillion from P7.1 trillion in January to July 2023.

The BSP’s net worth was at P230.9 billion, higher by 77.2 percent from last year’s P130.3 billion. (PNA)