BusinessWorld Online
Philippine banking sector’s net income climbs by 6.4% as of September
Philippine banks achieved a combined net profit of P290.055 billion in the first nine months of 2024, a 6.41 percent increase from the previous year.
This profit growth was driven by a sustained increase in loans, deposits, and assets, with net interest income rising 14 percent to P767.039 billion.
Non-interest income also grew by 2.3 percent to P171.9 billion, boosted by higher profits from fees, commissions, and trading income.
However, banks' non-interest expenses rose by 10.8 percent to P521.5 billion.
Provisions for credit losses grew by 27.8% to P85.7 billion from P67.1 billion, while losses on financial assets widened by 27.7% to P76.2 billion.
Bad debts written off surged by 395% to P2.29 billion from P462.7 million.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
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.
Read more →
China Banking Corp. (Chinabank) reported a record P18.4 billion in net income for the first nine months of the year, marking a 13% increase.
Read more →
The Bangko Sentral ng Pilipinas (BSP) experienced a significant increase in its net income, quadrupling to P105.6 billion in the first eight months of the year compared to the same period in 2023.
Read more →
Bank lending saw an 11% year-on-year growth in September, reaching its fastest pace in nearly two years.
Read more →
Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC), reported an 87 percent year-on-year increase in its unaudited net income to P793.38 million in the third quarter of 2024.
Read more →