BSP Jan-Oct net income down
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 16 Dec 2019 17:01:42 +0000
The net income of the Bangko Sentral ng Pilipinas (BSP) fell by double digits in the first 10 months of the year, according to its preliminary and unaudited financial statements.
Based on data released on Monday, the central bank netted P42.12 billion in January to October 2019, 12.84-percent lower than the P48.33 billion during the same period a year ago.
Its revenues accelerated by 88.09 percent to P104.94 billion from P55.79 billion in the 10 months to October 2018.
The BSP’s interest income reached P85.91 billion at end-October 2019, 37.08-percent higher than the P62.67 billion recorded last year.
It posted P19.03 billion in miscellaneous income, a turnaround from the P6.89-billion loss in the first 10 months 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 October this year increased by 3.79 percent to P8.76 billion from P8.44 billion a year ago.
The BSP’s foreign exchange (FX) fluctuation, however, declined by 71.74 percent to P14.49 billion from the P51.28 billion in the 10 months to October 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 increased to P68.55 billion, 36.30-percent higher than the P50.29 billion last year.
Its total assets climbed 8.01 percent to P4.99 trillion from P4.62 trillion at end-October 2018.
The BSP’s total liabilities reached P4.85 trillion first 10 months of the year, 7.91-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.