The Philippine banking system displayed robust performance in the first quarter of the year, with a remarkable 45.65% increase in combined net profit.
The sector’s net profit soared to P96.62 billion from P66.34 billion during the same period in 2022. This impressive growth was primarily driven by higher interest income derived from lending and investing activities.
Supported by a steady expansion in credit, deposits, loans, and profits, the banking sector achieved a cumulative net interest income of P234.91 billion in the first three months of the year. This reflects a substantial 37.19% rise compared to the P171.22 billion recorded in the corresponding period last year.
Non-interest income surged by 20.24% to P66.69 billion, while non-interest expenses increased by 31.74% to P173.87 billion.
The provision for credit losses amounted to P20.9 billion, slightly lower than the previous year’s P21 billion.