BSP Jan-Nov profit falls to P40.24B
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Thu, 16 Jan 2020 16:18:52 +0000
THE net income of the Bangko Sentral ng Pilipinas (BSP) declined by double digits for most of 2019, according to its preliminary and unaudited financial statements.
Based on data released on Thursday, the central bank netted P40.24 billion from January to November 2019, 5.73-percent lower than the P42.69 billion during the same period in 2018.
Its revenues expanded by 84.9 percent to P113.43 billion from P61.35 billion in the 11 months to November 2018.
The BSP’s interest income reached P93.19 billion at end-November 2019, 33.97-percent higher than the P69.56 billion recorded in the entire year.
It posted P20.25 billion in miscellaneous income, a reversal from the P8.21-billion loss in January to November of 2018.
The Bangko Sentral said its miscellaneous income “includes trading gains/losses, fees, penalties and other operating income, among others.”
Its income tax benefit in January to November last year decreased by 19.68 percent to P12.16 billion from P15.14 billion in 2018.
The BSP’s net gain from foreign exchange (FX) fluctuation, however, eased by 72.59 percent to P14.46 billion from the P52.76 billion in the 11 months to November 2018.
“This represents realized gains or losses from fluctuations in FX rates arising from foreign currency-denominated transactions of the BSP, including: rollover/re-investments of matured FX investments with foreign financial institutions and FX-denominated government securities; servicing of matured FX obligations of the BSP; and maturity of derivatives instruments,” it explained.
Meanwhile, the central bank’s expenses rose to P75.49 billion, 34.1-percent higher than the
P56.28 billion in the previous year.
Its total assets accelerated 8.3 percent to P4.99 trillion from P4.61 trillion at end-November 2018.
The BSP’s total liabilities reached P4.85 trillion first 11 months of last year, 8.13-percent higher than the P4.49 trillion a year ago.
In 2018, the Bangko Sentral posted a record-high net income of P39.85 billion, a 69.2-percent surge from the P23.54 billion it booked in 2017.