STATE-owned Development Bank of the Philippines (DBP)'s net income for the six months of 2022 surged to P2.76-billion, showing a hefty increase of 131 percent from the P1.19-billion recorded during the same period last year, as the bank ramped up lending activities in support of the national government's economic recovery program, a top official said.

DBP President and Chief Executive Officer Emmanuel Herbosa said the growth of the bank's net income was attributable mainly to the significant increase in loan volume and interest income and lower cost of funds.