Philippine bank assets rise 11.3% to P26.73 trillion

The total assets of the Philippine banking sector grew by 11.3 percent to reach PHP26.73 trillion by the end of September this year.

This asset growth represents an increase from PHP24 trillion in the same period last year and PHP25.9 trillion in August of this year.

According to a Rizal Commercial Banking Corporation analyst, the expansion of banks' loan business, which saw an 11% year-on-year increase for major banks, significantly boosted their interest income and contributed to asset growth.

The net income of banks also rose to PHP290.05 billion by the end of September, up from PHP272.55 billion in the previous year.

Additionally, increased economic recovery in the Philippines led to higher banking transactions, resulting in increased revenues from fees and charges.

The sustained growth in net income allowed banks to strengthen their capitalization, enabling further expansion in lending and investment activities, which in turn fueled the growth of their resources.