BSP net profit up 37.2% – Manila Bulletin

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The Bangko Sentral ng Pilipinas (BSP) recorded a net income of 41.44 billion pesos in the first five months of 2022, up 37.17% from the same period last year of 30.21 billion pesos.

Based on the latest unaudited statement of BSP income and expenditure, at the end of May, BSP income fell 0.5% to 73.02 billion pesos from 73.38 billion pesos in the same period in 2021, while expenditure increased by 10% to 47.38 billion pesos from 43.06 billion pula.

BSP/Reuters building and logo

Under income, interest income from trading gains, fees, penalties and other operating income rose 33.58 percent to 58.59 billion pesos from 43.86 billion pesos. Miscellaneous income, meanwhile, fell by 51.15% to 14.42 billion pesos from 29.52 billion pesos.

The BSP spent more on expenses, but interest charges remained virtually unchanged at 24.02 billion pesos compared to 24.48 billion pesos in the same period last year. Other expenses increased by 25.73% to reach 23.36 billion pesos against 18.58 billion pesos.

Expenses include banknote production and the cost of minting coins, as well as taxes and license fees.

BSP has a net foreign exchange (FX) gain of P15.82 billion at the end of May, a huge improvement from last year’s losses of $11 million. BSP’s foreign exchange gain comes from fluctuations in exchange rates.

The data showed that the BSP’s total assets for the first five months stood at 7.34 trillion pesos, down 3.8 percent from 7.63 trillion pesos at the end of May last year. Liabilities totaled 7.27 trillion pula, also down 2.9% from 7.49 trillion pula in 2021.

BSP has a current net worth of 75.67 billion pesos, nearly half of what it posted in the same period last year of 145.47 billion pesos due to declining reserves.

On the other hand, the BSP surplus or reserves amounted to 25.67 billion pesos, also down from the same period last year of 95.47 billion pesos.

BSP’s capital remains at 50 billion pesos. Its Amended Act or Republic Act 11211 (“An Act to Amend Republic Act No. 7653, otherwise known as the “New Central Bank Act” and for other purposes”) increased the capitalization of the BSP from 50 billion pesos to 200 billion pesos. This will be financed solely by declared dividends from the central bank.

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