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Economy

BSP net income down 14.2% at end-November

THE CENTRAL BANK’S net earnings as of November declined from a year earlier, dragged by lower revenues caused by a decline in interest income.

Data from the Bangko Sentral ng Pilipinas (BSP) showed its net profit in the 11 months ended November dropped 14.2% to P34.51 billion from the P40.24 billion booked in the same period the prior year.

Revenues in the 11-month period stood at P108.5 billion, down 4.3% year on year from P113.43 billion.

By segment, the central bank’s interest income shrank 16.5% to P77.86 billion from P93.19 billion.

Meanwhile, miscellaneous income, which includes trading gains, fees, penalties, and other operating income, climbed 51.3% to P30.64 billion from P20.25 billion in the previous year.

This was despite a net loss of P5.67 billion from foreign exchange rate fluctuations, a reversal of the P14.46 billion worth of net gains seen in the same period in 2019.

For the 11-month period, the BSP’s expenses dropped 9.7% year on year to P68.14 billion from P75.49 billion.

The first 11 months also saw its interest expense inch up by 2.5% to P42.04 billion from P41 billion. On the other hand, other expenses incurred dropped 24.3% to P26.11 from P34.49 a year earlier.

The BSP’s income tax expense likewise slumped to P170 million in the period from P12.16 billion a year ago.

With the central bank turning a profit for the 11-month period, it is likely to seal its fifth consecutive year in the black since it posting a P17.51-billion net income in 2016 after years of losses. — LWTN

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