BSP earnings slip as revenues decline in H1

The Bangko Sentral ng Pilipinas (BSP) reported a decline in net earnings for the first half of the year, driven by a steeper reduction in revenues than in expenses.

- By DERCO ROSAL

The BSP’s latest statement of income and expense showed that its net income after tax and capital reserves fell by 17.8 percent to 70.3 billion from January to June this year, from 85.5 billion in the same period a year ago.

During the first six months, the BSP’s revenues decreased 14.7 percent to P140 billion from P164.1 billion a year ago. Similarly, expenses dropped by 2.6 percent to P103.4 billion from P106.1 billion.

Its end-June net income before net gain on foreign exchange (FX) rates fluctuation, income tax expense, and capital reserves dropped to P36.7 billion from 257.9 billion last year.