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Thursday, December 7, 2023

Thrift banking industry remains strong — BSP

Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier said the thrift banking industry remains strong and resilient despite the uncertainties coming from the external front, as shown by improvements in total assets, loans and net profit.

Fonacier said during the annual convention of the Chamber of Thrift Banks (CTB) the performance of the segment followed the positive trend of the domestic banking system.

Fonacier said the thrift banks’ total assets grew 2.2 percent year-on-year to P949.7 billion as of end-June 2023. The growth was mostly funded by deposits, which grew by 1 percent year-on-year to P717.2 billion as of the same period.

“This figure suggests that thrift banks continue to enjoy the confidence of depositors and point to room for the thrift bank industry to grow further,” she said.

Fonacier, head of the BSP’s Financial Supervision Sector (FSS), said the gross total loan portfolio of thrift banks grew year-on-year by 14.1 percent to P647.7 billion as of end-June.

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