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November 28, 2023

Philippine banks report P270 Billion net profits by end of September

As of the end of September 2023, the Philippine banking sector records a collective net profit of P270.352 billion, reflecting a 10.4 percent increase from the same period last year, driven by growth in loans, deposits, and income, according to data released by the Bangko Sentral ng Pilipinas (BSP).

The rise is primarily attributed to a 20.44 percent year-on-year increase in cumulative net interest income to P663.24 billion, while non-interest income fell by 21.31 percent to P165.406 billion, influenced by the high-interest rate environment impacting fee-based income.

Despite high funding costs and challenges in the interest rate landscape, the BSP notes that the overall outlook for the banking system remains stable, with strong growth in investments, lending, and deposits.