STANDARD Chartered PLC wants to participate in the government’s infrastructure program, offering to finance a railway project and helping revamp the Development Bank of the Philippines (DBP), the Department of Finance (DoF) said yesterday.
MANILA, Philippines – State-run Development Bank of the Philippines (DBP) will exercise the call option on its unsecured subordinated notes qualifying as Tier 2 capital amounting to P6.5 billion as it prepares for the implementation of Basel 3. The bank said the early notes redemption would lead to interest savings as it implements stricter capital standards and discipline by removing from its qualifying capital notes issued prior to the implementation of Basel 3, a global regulatory framework for more resilient banks and banking systems. The notes were issued on Sept. 1, 2008 with coupon rate of 7.75 percent. The call option date is on Sept. 2, 2013. As of the first six months of 2013, DBP’s capital adequacy ratio rose to 23.9 percent from 21.6 percent. DBP said the call option amount will be the face value of the notes plus unpaid and accrued interest based on the initial interest up to but excluding the call option date. “There shall be no more secondary trading of the notes or modifications in the accounts after the book closure date,” the bank said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 DBP is currently the seventh-largest bank in the country in terms of assets, and is the second-largest government-owned bank, next only to the Land Bank of the Philippines. It is also one of the largest government-owned and controlled corporations (GOCCs) in the Philippines.
MANILA, Philippines – State-run Development Bank of the Philippines (DBP) said its net income nearly doubled to P1.52 billion in the first quarter from P720 million in the same period last year. In a statement, DBP attributed the jump in earnings to the country’s strong economic performance and favorable market conditions which contributed to the growth in its loan portfolio and deposit base. While gains from securities trading remained a major revenue contributor, DBP said its net income was likewise boosted by its gross loan portfolio that grew 20.42 percent to P143.77 billion, from the previous P119.39 billion. A major depository of national and local government agencies, DBP hiked its deposits to P148.41 billion, up 16.52 percent from last year’s P127.37 billion. The bank’s total assets reached P327.7 billion, an increase of 8.25 percent from the previous year’s P302.73 billion. Capital adequacy ratio remained well above the central bank’s minimum requirement of 10 percent at 23.06 percent, an improvement from last year’s level of 20.11 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The bank remains consistent in its efforts to support the government’s national development thrusts, channelling much-needed financial facilities to strategic sectors such as infrastructure and logistics, environment protection, social services involving health care, education, housing and community development, and micro, small and medium enterprises. Just recently, DBP launched its P2-billion Higher Education Loan Program for Students (HELPS) for lending to qualified schools and other educational institutions, for re-lending to poor but deserving students. The program Read More …