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September 29, 2023

Banks’ deposit base hits P16T in end January

The deposit base of Philippine banks climbed by 8.5 percent to P16 trillion as of end January , data from the Bangko Sentral ng Pilipinas (BSP) showed.

The central bank said that savings deposits had the biggest share with 48.7 percent, followed by demand and NOW accounts with 29.8 percent, and time deposits with 20.2 percent.

Universal and commercial banks cornered the largest share of deposits at 94.2 percent at P15.1 trillion in January this year, about 10.1 percent higher than the level recorded in the same month last year.

Despite the 18.6 percent drop, thrift banks got a share of 4.4 percent or P698.4 billion.

The deposit liabilities of rural and cooperative banks booked a double-digit 13 percent growth to P232.5 billion for a share of 1.4 percent.

As of end-January, the total resources of Philippine banks went up by 7.2 percent to P20.6 trillion.

Big banks accounted for the largest share of 94.1 percent or P19.4 trillion, followed by mid-sized banks with 4.4 percent or P904 billion, and small banks with 1.5 percent or P312 billion.

“The asset growth was funded mainly by deposit generation and capital infusion,” the BSP said in a report.


BSP and BMAP strengthen collaboration

The Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Philippines (BMAP) directors and executives met to enhance their longstanding partnership, focusing on initiatives related to consumer protection, financial literacy, and cybersecurity.

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