THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income fell by 59.9% last year amid higher expenses.
Preliminary data from the central bank showed that its net profit declined to P25.53 billion in 2023 from P63.73 billion in the previous year.
The BSP’s expenses surged by 68.3% to P244.21 billion last year from P145.13 billion in 2022.
Broken down, interest expenses nearly doubled (96.5%) to P168.29 billion from P85.63 billion, while other expenses rose by 27.6% to P75.92 billion from P59.5 billion.
Meanwhile, revenues stood at P212.76 billion in 2023, 50.8% higher than the P141.08 billion a year prior.
The BSP’s interest income climbed by 29.2% year on year to P197.92 billion from P153.20 billion.
Miscellaneous income, which includes trading gains, fees, penalties, and other operating income, stood at P14.84 billion last year, a turnaround from the P12.12-billion net loss recorded in 2022.
On the other hand, the central bank’s net gains from foreign exchange rate fluctuations dropped by 15.7% to P57.02 billion from P67.66 billion in 2022.
Separate BSP data showed total assets held by the central bank increased by 4.3% to P7.56 trillion in 2023 from P7.25 trillion a year prior.
Meanwhile, total liabilities went up by 3.9% to P7.42 trillion from P7.14 trillion. — Luisa Maria Jacinta C. Jocson