Philippine thrift banks reverse loss with Q3 $235.64m profit gain

Net interest income hit $890.79m.

Philippine thrift bank profits rose 0.94% YoY to $235.64m (PHP12.38b) in Q3 following a net 1.81% loss in the previous quarter.

The net interest income from lending and deposit activities of mid-sized banks also rose 9.17% YoY to $890.79m (PHP46.80b). Thrift banks’ assets rose by 6.8% YoY to $22.84b (PHP1.2t) in Q3 on the back of a 5.62% growth in total deposits.

Also read: Philippine National Bank fully acquires thrift bank subsidiary

However, non-interest income extended its downtrend after falling 6.44% to $185.38m (PHP9.74b) amidst lower earnings from fixed-income securities.

“Retained earnings was the industry’s primary source of capital as thrift banks registered steady profitability (in the third quarter this year),” central bank deputy governor Chuchi Fonacier told local media.

There are over 50 thrift banks operating the Philippines as of end-June, according to central bank data, with leading mid-sized lenders including BPI Family Savings Bank, Philippine Savings Bank, RCBC Savings Bank, Philippine Business Bank and China Bank Savings.

Photo from Patrickroque01 at English Wikipedia, CC BY-SA 3.0

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia