7 DBP branches in Bicol flex financial muscle, beef up as ‘infra bank’

Photo by Elmer James Bandol

By Elmer James Bandol

LEGAZPI CITY — Development Bank of the Philippines (DBP) President & Chief Executive Officer Cecilia C. Borromeo has announced today that the state-owned bank will intensify it’s effort towards more inclusive financial system strategy in support to the national government’s “build-build and build” program.

DBP presented as roadshow its “special milestone”, now on the second leg in Legazpi City, that it has expanded into 121 branches with the opening of banking offices located in Ilocos Norte, Siquihor, Cagayan, Pampanga and Bohol provinces; Talisay in Cebu; Sta Cruz in Davao del Sur; Zamboanga Econometric ang Tuguegarao Regional Government Center while extension offices in Naga iliac, LA Union & Cabugao , Ilocos Sur.

“Our purpose & mission remain focused on our development mandate of improving the lives & well-being of our countrymen & ensuring that development is broad-based, inclusive and sustainable”, Borromeo said.

She mentioned that as a “major thrust” the bank has sharpened it’s focus on “infrastructure sector” in perfect alignment with the government “build-build&build”program and tasked as “major player, hence, DBP is named INFRA Bank”.

“Transportation infrastructure, affordable, reliable and safe transport sector connecting rural and urban communities part of priority thrust”, DBP’s top honcho explained.

DBP INCOME JUMPS 30%

The government-owned bank, DBP posted a net income of P1.29 billion in the first quarter of the year, a significant 30.4% higher than the P989 million posted in the same period in 2016, according to press statement released to media.

It said that the loan portfolio grew by 30.6% to P232.1billion in the first quarter of 2017 from only P177.7billion in the same period a year ago.

DBP’S total assets reached P5 12. 9 billion or an increased of 6.2% from P483.2billion registered in the same period of 2016, while deposits reached P323.3billion as of the end of March 2017, from P300million in the first quarter of 2016 or an increased of 2.0%. [BicolToday.com]

Posted by on July 11, 2017. Filed under Bicol News,Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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