Philippine banks hit record P391B net profit in 2024

Philippine banks achieved a record net profit of P391.28 billion in 2024, a 9.8% increase from the previous year.

This profit growth was primarily driven by a 13.4% rise in net interest income, reaching P1.04 trillion, due to increased lending activities.

The central bank's elevated policy rates throughout most of 2024 contributed to higher interest earnings for banks.

Non-interest earnings also saw a positive trend, increasing by 5.1% to P233.67 billion, boosted by trading gains and fees.

Despite strong performance, banks maintained provisions for potential losses as the non-performing loan (NPL) situation has not fully recovered to pre-pandemic levels.