DBP nets P7.1 billion in 2024, up 20%

State-owned lender Development Bank of the Philippines (DBP) saw its net income grow by double digits in 2024.

In a statement Thursday, DBP said it booked a net income of P7.1 billion last year—its highest in 10 years.

Its full-year 2024 bottom line also grew by 20% year-on-year after it ramped up its lending activities to key sectors in support of the Marcos administration's socio-economic agenda.

The state-run bank's 2024 net income was driven primarily by the 13% increment in its net core earnings as it exceeded its net income target of P5.5 billion by 29%.

"DBP's resurgent performance in 2024 is a clear testament that it remains a strong and stable government financial institution that is greatly capable of funding the priority programs of the national government," said DBP president and CEO Michael de Jesus.

DBP is the 10th largest bank in the country in terms of assets and provides financing to strategic and critical sectors such as infrastructure and logistics, micro, small and medium enterprises, community services, and the environment.

It has a network of 148 branches, including 15 branch lite units located primarily in remote and underserved areas of the country.

De Jesus added that the DBP's income from its lending operations increased by 6% last year to P31.7 billion compared to the P29.8 billion in 2023, while its income from its treasury operations rose 2% to P14.9 billion from P14.6 billion due to rise in interest rates.

He said the bank also exceeded its non-interest income target by 81% to P4.04 billion on account of higher earnings from bank fees, foreign exchange transactions, and trading gains.

"DBP's 2024 loans reached P536.8-billion, reflecting a five percent increase from the P509.2-billion registered in 2023," said de Jesus said.

"Out of the amount, 61% or P326.48-billion went to the infrastructure and logistics sector with projects mostly found in the National Capital Region, Metro Davao, Central Visayas, and Eastern Visayas," he added.

The DBP chief said the state-run lender provided P99.33 billion in loans to projects for social infrastructure and community development, P55.12 billion to projects for the environment, and P26.94 billion for micro, small, and medium enterprises. — VDV, GMA Integrated News