Government-owned Development Bank of the Philippines (DBP) said loan its loss provisioning and higher operating expenses pulled down its net profit last year by 30 percent. Despite this, Emmanuel Herbosa, DBP president and chief executive officer, stressed the state lender managed to raise its total assets, which already surpassed the trillion-peso mark. He said the bank’s total assets picked up to P1.04 trillion at end-2020, a 37-percent rise from the P761.24 billion recorded in 2019. It was traced to deposits, which was up by 47.6 percent to P817.9 billion from P554.18 billion in 2019. DBP is the sixth largest bank in the country in terms of assets and has been designated as the country’s infrastructure bank by the national government.

Source: Manila Times March 25, 2021 16:26 UTC