Fewer bank offices as of end Sept – BSP

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Banks in the Philippines trimmed their physical offices in the third quarter of 2015 from three months earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed.

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At 635 as of end-September, this was down from 635 at the end of June, the central bank reported, composed of 37 head offices for universal and commercial banks, 69 for thrift banks as well as 529 for rural and cooperative banks.

In terms of network, the domestic banking industry had 10,606 branches—consisting of head offices and other offices—as of the third quarter, also lower compared to 10,528 recorded three months earlier.

In its latest Report on Economic and Financial Developments, the central bank said country’s banking system remained sound and resilient with total resources having expanded by 10.4 percent in the third quarter of 2015.

The industry held P11.87 trillion, 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 from P866.6 billion in 2014, while rural banks held P218.4 billion.

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