BSP earnings decline 35% from January to August

BSP earnings decline 35% from January to August

The Bangko Sentral ng Pilipinas (BSP) reported that its net profit shrank by double digits in the first eight months of the year. Its unaudited financial statements showed that it netted P21.77 billion during the period, a 35.03-per cent decline from P33.51 billion a year earlier.

Revenues fell by 16.98 per cent to P71.56 billion in January-August 2020 from P86.20 billion a year ago.

Further, the central bank recorded a P2.94 billion net loss from foreign exchange (FX) fluctuation during the period, a reversal of the P11.03 net gain a year earlier.

“This represents realized gains or losses from fluctuations in FX rates arising from foreign currency-denominated transactions of the BSP,“ the Bangko Sentral said.

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