Government-owned Development Bank of the Philippines (DBP) said loan its loss provisioning and higher operating expenses pulled down its net profit last year by 30 percent.

In a statement on Thursday, Marietta Fondevilla, DBP executive vice president for corporate services and concurrent head of operations, said the lender’s net income in 2020 plunged by 30.4 percent to P3.9-billion from P5.60-billion in 2019.