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Development Bank of the Philippines
- Sector: Financial Services
- Sub Sector: Banks
- Country: Philippines
- Bond: DEVPHI 2.375 31
- Indicative Yield-to-Maturity (YTM): 5.311%
Detailed Information
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Fundamental View
AS OF 13 Jan 2025- The Development Bank of the Philippines (DBP) has a long history and we believe it is a fundamentally sound bank given its prudent capitalization and sound liquidity. We expect the bank to continue to maintain its profitability amid a Philippine gross domestic product (GDP) outlook of around 6% (2025-2026).
- We view the bank as systemically important to the state given its large balance sheet and strategic policy function.
- Despite DBP’s non-performing loan (NPL) ratio of 7.19% (2023), which is higher compared to the 1.13% of Indonesia’s state-owned Bank Mandiri, we still remain comfortable on DBP’s credit profile given its government banking and strong balance sheet.
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Who We Recommend
SM Investments Corporation
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SMPM 5.375 29
Oman
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Oman 28
Credit Rating:
BB+
Republic of the Philippines
Bond:
ROP 1.648 31 5.276%ROP 4.375 30 5.158%ROP 4.625 28 5.061%
Credit Rating:
-/BBB/-
