Total resources of Philippine banks reached a record P21.41 trillion last year, up 6.9 percent from the P20.03 trillion recorded in 2020, according to data from the Bangko Sentral ng Pilipinas (BSP).
Assets of the banking sector continued to expand despite the debilitating impact of the COVID-19 pandemic, accounting for more than 90 percent of the country’s gross domestic product (GDP).
Statistics showed the asset base of big banks grew by 6.6 percent to P19.74 trillion from P18.53 trillion.
The country’s largest banks include Sy-led BDO Unibank, Ty-led Metropolitan Bank & Trust Co., Ayala-led Bank of the Philippine Islands, Philippine National Bank of tobacco and airline magnate Lucio Tan, Sy-led China Bank, Yuchengco-owned Rizal Commercial Banking Corp., Security Bank, and Aboitiz-led Union Bank.
Likewise, the BSP said total resources of mid-sized banks booked a double-digit 12 percent growth to P1.33 trillion from P1.19 trillion.
BPI Family Savings Bank remained the largest thrift bank in terms of assets as of end September last year followed by Metrobank’s Philippine Savings Bank, Philippine Business Bank, City Savings Bank, and China Bank Savings.
However, BPI Family Savings Bank has been absorbed by its parent firm BPI through a merger that took effect at the start of 2022.
The total assets of small banks also went up by 8.4 percent to P334 billion as of end September last year from P308 billion as of end September 2020.