THE Bangko Sentral ng Pilipinas’ (BSP) net profit grew over five times as of the end of July from a year earlier as revenues surged and expenses dipped, preliminary data showed.
The central bank earned P95.2 billion in the seven-month period based on unaudited financial statements, 415 percent up from the P18.5 billion recorded a year ago.
Revenues grew by 57.13 percent to P190.6 billion from P121.3 billion previously, while expenses slipped by 8.3 percent to P125.7 billion from P137.1 billion.
Net income before factoring in foreign exchange (FX) gains stood at P64.9 billion, a turnaround from the P15.8-billion loss recorded in the same period last year.
The recovery was bolstered by a P30.4-billion net gain from FX rate fluctuations, leading to a post-tax net income of P95.2 billion that was significantly up from P18.5 billion in 2023.
Interest income accounted for the bulk of revenues at P140.4 billion, up from P109.6 billion in 2023, while the remaining P50.2 billion came from miscellaneous income.
Interest expenses, meanwhile, took up the largest share expenses at P98.4 billion, slightly higher than the year-earlier P94.6 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the five-fold rise in net income was due particularly due to slower growth in interest expenses.
The BSP’s total assets rose to P7.95 trillion as of July, up 9.4 percent from the year-earlier P7.27 trillion.
Total liabilities, meanwhile, increased by 8.16 percent to P7.72 trillion from P7.14 trillion.
The central bank’s net worth of P230.9 billion was higher than the year-earlier P130.3 billion.
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