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Philippines' banks enjoy profitable Q3

Philippines’ banks enjoy profitable Q3

(11 December 2012 – Philippines) The third quarter proved profitable for the Philippines’ 712 operational banks, with an increase in total resources of 6.9 percent year-on-year. The country’s central bank - Bangko Sentral ng Pilipinas (BSP), said the US$192 billion (A$183 billion) for the quarter was up from US$180 billion in the same period in 2011.

BSP data show the total resources of the entire Philippine financial system, including non-bank financial institutions, stood at US$242 billion as of September, or 6.7 percent higher compared to the US$227 billion in the same period last year.

The country’s 69 thrift banks contributed US$15.2 billion while the 566 smaller rural banks had such a minimal share that it was not even included in the data.

In a financial report last November, the BSP noted that as of the first six months of the year, there are five large financial conglomerates that control 48 percent of the entire industry.
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