Banks’ resources hit P11.87T in Q3

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The country’s banking system remained sound and resilient with its total resources having expanded by 10.4 percent in the third quarter of 2015, the Bangko Sentral ng Pilipinas (BSP) said.

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The central bank, in latest Report on Economic and Financial Developments, said universal and commercial banks, thrift banks and rural banks held P11.87 trillion in resources during the quarter, up 10.4 percent from the P10.74 trillion seen in the comparable 2014 period.

The total resources of universal and commercial banks rose to P10.67 trillion, higher by 10.5 percent from P9.66 trillion a year ago.

Thrift banks, meanwhile, accounted for P979.6 billion, up 13 percent year-on-year from P866.6 billion in 2014, while rural banks’ resources were recorded at P218.4 billion.

“The health of the banking system remained solid, supported by the country’s string macroeconomic fundamentals and favorable growth prospects,” the central bank said.

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