The Philippine banking system generated a lower net income in the first nine months of the year as lenders continue to set aside provisions for bad loans in the period, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

Preliminary data from the central bank showed that the industry’s P126.78-billion net profit from January to September was 25.92 percent smaller than the P171.16 billion in the same period in 2019.

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