Banks fewer but resources rise 8.9% to P10.3 trillion

The number of banking institutions in the country dropped in the last quarter of 2013 due to consolidations and the exit of weaker players, but their total resources rose 8.9 percent to P10.3 trillion due to growth in loans, securities and non-financial assets, data from the central bank showed.

In its Report on Economic and Financial Developments for the fourth quarter of 2013, the Bangko Sentral ng Pilipinas (BSP) said the number of banking institutions, in terms of head offices, fell to 673 as of end-December 2013 from 676 in the preceding quarter and 696 a year earlier.