Central bank’s net income up 143% as of August

 Central bank’s net income up 143% as of August
BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income went up 143% to P52.95 billion in the first eight months as revenues more than doubled on the back of strong interest and trading income.

Revenues went up 69% to P120.98 billion at the end of August from P71.56 billion in the same eight-month period last year.

Interest income also rose 42.45% to P77.25 billion in the period from P54.23 billion the previous year.

Miscellaneous income, which include trading gains, fees, penalties, and other operating earnings, went up 152.25% to P43.74 billion from P17.34 billion a year earlier.

The central bank posted a net foreign exchange gain of P3.43 billion, reversing a P2.94 billion loss seen the previous year. Gains had only been at P50 million as of the first half and P800 million as of July.

Meanwhile, the central bank’s overall expenses climbed 53% to P71.47 billion in the first eight months from P46.7 billion in the same period in 2020.

Interest expense went up 37.47% to P39.77 billion from P28.93 billion a year earlier. — J.P. Ibanez