3 weeks DBP profit slid to P2.9B in first six months Manilatimes |Biz
Higher provisioning pulled down the Development Bank of the Philippines’ (DBP) net income to P2.9 billion in the first half of 2020. In a statement on Wednesday, the state-run lender said the amount was a 6.45-percent decrease from the P3.1 billion in the same period last year. Marietta Fondevilla, DBP executive vice president for corporate services and concurrent head of operations, blamed the drop on “higher provisioning for credit losses.” Gross revenues totaled P16.53 billion, a 4-percent improvement from P15.91 billion in 2019, she added. “Notwithstanding the various congressional initiatives to strengthen DBP’s financial position, the bank will continue ... more