malaysiang
Manila: 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 PHP95.2 billion as of end-July, up by 414 percent from the PHP18.5 billion in the same period last year.
Revenues increased by 57.1 percent to PHP190.6 billion from PHP121.3 billion.
Data showed that interest income accounted for more than half of the central bank’s revenues during the period at PHP140.2 billion from PHP109.6 billion last year.
Miscellaneous income, which includes trading gains or losses, fees, penalties, and other operating income, likewise rose to PHP50.2 billion from PHP11.7 billion a year ago.
The BSP’s expenses, meanwhile, amounted to PHP125.7 billion, lower than last year’s PHP137.1 billion.
Broken down, expenses went up to PHP98.4 billion from PHP94.6 billion.
On the other hand, other expenses which also include net trading losses, declined to PHP27.4 billion from PHP42.5 billion.
Net income b
efore net gain on foreign exchange rates fluctuation, income tax, and capital reserves amounted to PHP64.9 billion, a turnaround from the PHP15.8 billion loss a year ago.
A separate data showed that the central bank’s total assets increased by 9.4 percent to PHP7.95 trillion as of end-July from PHP7.27 trillion in 2023.
Bulk of the BSP’s assets are international reserves which went up to PHP6.2 trillion from last year’s PHP5.4 trillion.
The total liabilities went up by 8.2 percent to PHP7.7 trillion from PHP7.1 trillion in January to July 2023.
The BSP’s net worth was at PHP230.9 billion, higher by 77.2 percent from last year’s PHP130.3 billion.
Source: Philippines News agency
