RETAIL BANKING | Staff Reporter, Philippines

Philippine banking assets up 12.2% to $292.95b in May

A surge in deposits drove banking gains.

The total assets held by Philippine banks rose grew 12.2% YoY to $292.95b (PHP15.56t) in May, according to central bank data. 

Also read: Philippine banks tie up with Bank of China to launch peso-renminbi spot market

Deposits also rose 12.5% YoY amidst robust lending activities, pushing up the asset pool of Philippine banks, Bangko Sentral ng Pilipinas governor Nestor Espenilla Jr. told local media.

“Banks continue to adhere to sound credit underwriting standards as shown by the very satisfactory quality of the banking system’s loan portfolio,” Espenilla said.

“The trajectory for profit growth will continue, driven mainly by strong growth outlook, upbeat lending activities, product innovations, and more cost-efficient and technology-enabled operations,” he added.

Philippine banks are expected to embrace digitalisation to accelerate efforts at financial inclusion and boost their expansion plans.

Also read: Philippine banks explore blockchain for payment and remittance services

Only a fourth or 22.6% of Filipino adults are in possession of a bank account as of end-2017, the BSP said in an earlier report. This translates to around 15.8 million Filipinos out of 103.3 million who are in the mantle of the formal financial system. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.