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Philippines' bank profits up 15 percent

Philippines’ bank profits up 15 percent

(10 December 2012 – Philippines) Reflecting a strengthening economy, Philippines’ big banks posted a rise in earnings by 15 percent for the first nine months of the year According to the Philippines' central bank, the Philippines' expanding economy is providing the banking system ample range to grow.

The country’s economy grew by 7.1 percent in the third quarter for a full nine-month growth of 6.5 percent.

It boosted the income growth of the country’s 37 universal and commercial banks to 15 percent year-on-year income growth for the first nine months of the year. Loans, deposits, as well as trading gains continue to prop up profits.

The universal and commercial banks, which control 97 percent of the total banking resources, reported modest net interest income growth of 2.8 percent to P149.239 billion (A$3.4 billion).

The big banks posted profits of P80.113 billion, up from same period last year of P69.628 billion.
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