DBP eyes P5.55-B net income in 2018

MANILA -- The Development Bank of the Philippines (DBP) targets a PHP5.55- billion net income target for 2018 after registering a PHP5.1 billion net income in 2017.

In a briefing Monday, DBP President and CEO Cecilia Borromeo said DBP aims to increase its low-cost deposit base and customer base to drive their earnings, citing extra focus on underserved areas nationwide in line with the government’s financial inclusion program.

She said the bank targets to have one million new depositors in the next five years as it focuses more on serving those living in underserved areas nationwide.

To date, the bank has about 125 branches and three extension offices nationwide and Borromeo said they plan to open 10 new branches and eight new extension offices.

The new branches will be in La Trinidad, Benguet; Alaminos City, Pangasinan; Gapan City, Nueva Ecija; Angeles City, Pampanga; Dolores, Eastern Samar; Lapu-Lapu City, Cebu; Oroquieta City, Misamis Occidental; Panabo, Davao del Norte; Buhangin and Matina, both in Davao City.

The new extension offices will be put in Tumauini, Isabela; San Jose del Monte City, Bulacan; Tayabas, Quezon; Placer, Masbate; Naga City, Cebu; Siaton, Negros Oriental; Banga, South Cotabato; and M’lang, South Cotabato.

The DBP chief said they will also put up 200 additional automated teller machines (ATMs) nationwide to bring the total to 648 by end of this year.

“DBP will firmly work to accomplish its set directions for 2018, maximize the potentials of its human resources, and seize every opportunity for growth and progress,” she said.

Last year, the bank’s income rose 21.43 percent mainly due to the 21.82 percent increase of loans to PHP293.47 billion, while assets rose by 11.43 percent to PHP597.41 billion.

Deposits amounted to PHP412.36 billion from he year-ago level of PHP356.24 billion, 74 percent of which is accounted for by government deposits.

Borromeo said the bank continues to improve its financial indicators like portfolio quality, liquidity and capital ratio to be a trillion-worth bank once DBP celebrates its Jubilee in 2022 and as the Association of Southeast Asian Nations continues to integrate. (PNA)