Thrifts banks in the country saw their combined net income rise 18 percent year-on-year in 2015, data from Bangko Sentral ng Pilipinas show.
Thrift banks, also known as savings banks, earned a combined P12.23 billion in 2015, up from P10.29 billion in 2014.
Data showed there were 67 thrift banks in the country, with assets ranging from P75 million to P243 billion as of end-September 2015.
Net interest income of thrift banks increased to P49.093 billion in 2015 from P40.806 billion in 2014, while non-interest income declined to P11.791 billion from P11.828 billion.
Non-interest expenses, which include compensation and fringe benefits, taxes and licenses, fees and commission expenses, other administrative expenses, depreciation/amortization and
impairment losses also increased to P40.05 billion from P35.205 billion a year ago.
BPI Family Savings Bank Inc. was the largest thrift bank, with total assets of P243 billion as of-end September, followed by Phil Savings Bank with P158 billion and RCBC Savings Bank with P86 billion.
Bangko Sentral data showed that thrift banks increased their branches as they continued expanding nationwide to seize the growth opportunities in the regions.
Thrift banks had a total of 2,052 offices (including branches) as of end-September.
