The Philippine banking sector demonstrated its strength and resilience in the first quarter of the year, as combined net profits surged by a remarkable 45.65%.
This surge saw the industry’s net profit reach P96.62 billion, a substantial increase from P66.34 billion in the same period last year. The growth was primarily attributed to higher interest income generated through lending and investing activities.
Benefitting from a consistent expansion in credit, deposits, loans, and overall profitability, the banking sector achieved a cumulative net interest income of P234.91 billion during the first three months of the year. This represents a substantial 37.19% rise compared to the P171.22 billion recorded in the corresponding period in the previous year.
Furthermore, non-interest income experienced a notable surge of 20.24%, amounting to P66.69 billion.
Meanwhile, non-interest expenses saw a 31.74% increase, reaching P173.87 billion.
In terms of credit losses, the provision for such losses totaled P20.9 billion, slightly lower than the previous year’s figure of P21 billion.
