DBP net income down at end-September : vimarsana.com

DBP net income down at end-September


December 18, 2020 | 5:21 pm
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The Development Bank of the Philippines (DBP) saw its net profit drop by almost a third in the nine months to September, amid heightened loan loss provisions during the pandemic.
The state-lender’s net profit stood at P3.24 billion as of September, declining by 26.69% from the P4.42 billion logged in the same period of 2019, it said in a statement on Friday.
DBP Executive Vice President for Corporate Services and Concurrent Head of Operations Marietta M. Fondevilla said the lower income was mainly caused by higher provisioning for credit losses and income taxes.
The bank also saw increased administrative expenses by its field units for their pandemic response, she added.

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