Total assets of Philippine banks exceeded P20 trillion in 2021 despite the global pandemic, allowing lenders to post a combined net income of P224 billion, according to the Bankers Association of the Philippines which held its 2022 annual meeting on March 21.
“The banking industry performed even better than expected coming out from the COVID-19 pandemic. Total assets of banks stood at P20.8 trillion for 2021, and banks recorded a net profit of PP224 billion. There is more than enough liquidity to support the borrowing needs of the country and its people as we gear up towards a full economic recovery,” said outgoing BAP president Jose Arnulfo Veloso.
“These demonstrate the banking sector’s resiliency and preparedness built through the years and having survived a number of economic, financial and even geopolitical crises,” he said.
The BAP also elected its new set of officers during the annual meeting. Antonio Moncupa Jr., president and chief executive of EastWest Banking Corp., will succeed Veloso as the organization’s president.