Bangko Sentral ng Pilipinas Net Income Down 25%

Bangko Sentral ng Pilipinas (BSP) reported a 25% fall in net income, from ₱46.2 billion to ₱34.5 billion in the year 2020.

BSP’s net foreign exchange losses reached ₱5.8 billion, as compared to a net gain of ₱14.7 billion in 2019.

BSP’s revenue fell by 2.8%, from ₱118.2 billion to ₱121.7 billion.

BSP’s net interest income fell by 14.9%, from ₱85.4 billion to ₱100.4 billion.

BSP’s expenses fell by 10.9%, from ₱87.3 billion to ₱77.8 billion.

BSP’s total assets rose by 39.1%, from ₱5.1 trillion to ₱7.1 trillion as domestic securities holdings rose from ₱226.0 billion to ₱1.4 trillion.

BSP’s total liabilities rose by 39.7%, from ₱4.9 trillion to ₱6.9 trillion.

BSP’s net worth rose by 17.4%, from ₱145.6 billion to ₱170.9 billion.

Benjamin E. Diokno, BSP Governor, said “The BSP did the heavy lifting in terms of ensuring ample liquidity in the financial system and providing regulatory relief to banks,”

“In turn, we expect banks to help their hard-hit customers cope with the crisis as well,” he added.

Source: Manila Bulletin