Total assets of state-owned Development Bank of the Philippines (DBP) reached P1.04 trillion last year, making the financial institution one of the elite trillion-peso banks in the country.
The figure represents a whopping 37 percent rise from the P761.24 billion recorded by the bank in the previous year, a top official said.
DBP president and chief executive officer Emmanuel Herbosa said higher total assets was buoyed largely by the hefty increases in deposits which grew by 47.6 percent to P817.9 billion from P554.18 billion in 2019, and the 26-percent hike in investments to P260.1 billion from P206.57 billion the previous year.
“DBP’s latest milestone manifests the public’s continued confidence in DBP as a strong, stable and reliable financial institution,” Herbosa said.
“We are emboldened by the fact that the bank was able to achieve this feat two years earlier than our projected timeline and despite the constraints of the prevailing public health crisis,” he added.
DBP is the sixth-largest bank in the country in terms of assets and has been designated as the country’s Infrastructure Bank by the national government. It has a network of 129 full-service branch offices, including 11 branch lite units situated mostly in underserved and far-flung areas of the country.