The Philippine banking sector continued its upward trajectory in the third quarter of 2024 with total assets growing 11.3% to P26.7 trillion.
The growth was primarily driven by an 11% increase in loan portfolios, according to the Bangko Sentral ng Pilipinas (BSP).
Banks also reported a net income of P290 billion as of September, up from the previous year.
Analysts attributed this positive trend to the sustained recovery of the Philippine economy and increased banking activity.
The stronger financial position of banks has enabled them to allocate more capital for lending and investment, further fueling economic growth.
