Banks’ profit up 44% to P243 billion in 9 monthsMANILA, Philippines — The profit of banks operating in the Philippines jumped by 43.7 percent to P243.06 billion from January to September compared to last year’s P169.09 billion, according to the Bangko Sentral ng Pilipinas (BSP). Banks’ operating income increased by 14 percent to P750.22 billion during the nine-month period from P658.23 billion in the same period last year. The sector’s net interest income increased by 8.8 percent to P542.5 billion from P491.88 billion as interest earnings went up by 10.3 percent to P636.45 billion from P580.23 billion, while interest expenses grew at a slower pace of 6.6 percent to P93.64 billion from P87.84 billion. As the economy continues to recover from the pandemic-induced recession, Philippines banks are allocating less provision for credit losses. For universal and commercial banks, their net income jumped by 45.7 percent to P227.11 billion in the first nine months from a year-ago level of P155.86 billion.

Source: Philippine Star November 08, 2022 21:57 UTC