MANILA -The growth in lending by the Philippines’ largest banks slowed down for the sixth straight month to a nearly two-year low of 6.5 percent in September, adding credence to concerns that lukewarm private spending will lead to more subdued economic growth in the fourth quarter. Preliminary data at the Bangko Sentral ng Pilipinas show that the growth in total lending, net of short-term loans to the central bank, continued to lose momentum after reading out at 13.4 percent in September 2022 and 7.2 percent last August. ...
Bank lending grew in June but was relatively flat from the previous month as high interest rates tempered demand for consumer and business loans.
MANILA -Union Bank of the Philippines registered a weaker bottom line in the January-September period despite stronger revenues as expenses ballooned following the acquisition of Citi’s consumer business and rollout of its digital-only banking arm. On Tuesday, the Aboitiz-led bank announced its net income amounted to P8.1 billion in the first three quarters, lower by 19 percent than the P10.09 billion it booked in the same period last year. Net revenues climbed by 48 percent to P52.8 billion during the period as net interest income grew by 34 ...
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Banks’ exposure to the local property sector declined in the second quarter but the proportion of soured home loans remained elevated amid a high-interest rate environment. Data from the Bangko Sentral ng Pilipinas (BSP) showed that real estate loans of Philippine banks and trust entities amounted to P2.8 trillion, cornering 19.92 percent of total loan portfolio as of end-June. This was a tad lower than the 20.31 percent ratio in the first quarter. The reading was also below the 20.17 percent exposure of banks to the property sector at the en ...
Households and businesses had huge appetite for loans in the third quarter but faced tight credit standards from banks
The Supreme Court declared as void another escalation clause, which authorizes the lessor, seller, or some other party to raise the base price up to a fixed percentage, in view of specified cost increases, in Spouses Limso v. Philippine National Bank. In this case, Spouses Robert and Nancy Limso (“Spouses Limso”) and Davao Sunrise Investment and Development Corporation (DSIDC) took out a P700-million loan, consisting of a revolving credit line of P300 million and seven-year long-term loan of P400 million. It is secured by real estate mortga ...
UnionDigital Bank, the digital banking arm of Union Bank of the Philippines, expects to end this year with the largest loan book among its peers in the highly competitive new banking category. UnionBank president Edwin Bautista said UnionDigital would likely end 2022 with a loan portfolio of P4.8 billion and a customer base of 1.7 million. The digital banking startup was launched only four months ago. The only platform among the six Bangko Sentral ng Pilipinas (BSP)-licensed digital banks that is owned by an existing bank, UnionDigital deviates ...
BUENOS AIRES – The World Bank and the Inter-American Development Bank (IDB) will provide Argentina with funds totaling over $1 billion, the South American nation’s economy ministry said on Wednesday, adding these should go toward development and energy projects. The move comes as cash-strapped Argentina battles to rework its debts and comply with financing programs with other international financial bodies, such as a $44-billion loan program with the International Monetary Fund (IMF). ...
The thrift banking arm of Sy family-led China Banking Corp. is seeing another banner year after its earnings in the first semester grew by 18 percent to P1 billion on the back of its expanding loan portfolio. China Bank Savings (CBS) on Friday said they were already nearing their 2023 full-year record earnings of P1.8 billion. Gross loans in the first half of the year expanded by 22 percent to P125.8 billion, buoyed by growth in consumer and automated payroll deduction (APD) loans. CBS offers APD loans to teaching and nonteaching personnel of e ...