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.
It is also conditional to getting approval from the Bangko... CitySavings has a business model that gives us a strategic... into broader civil servant and payroll loans market segments.”
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 ...
MANILA, Philippines —The Ty family-led Metropolitan Bank & Trust Co. (Metrobank) will pay record dividends of P22.5 billion to stockholders after achieving historic high earnings the past year. Metrobank, the country’s second-largest private bank, reported a significant boost in its net income for 2023, reaching P42.2 billion, which marks a 28.9-percent increase over 2022, a stock exchange filing on Thursday showed. This translated to a return on equity of 12.5 percent, higher than the 10.3 percent recorded in the previous year. ...
Rural and cooperative banks continued to do the heavy lifting in extending loans to micro, small and medium enterprises (MSMEs), as the entire Philippine banking industry failed again to meet its lending quota for the industry deemed as the backbone of the economy. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed total loans of the local banking sector to MSMEs amounted to P488.13 billion in the three months ending in June, up by 5.8 percent compared with a year ago. However, that amount of credit only accounted for 4.52 percent of ...
NEW YORK -Large US banks railed against new proposed capital requirements at a congressional hearing on Wednesday, joining Senate Republicans in casting the measures as crimping loans to everyday Americans. “This rule will make services so uneconomical, you will likely see two outcomes: many banks will simply stop offering certain products and services, and those that do will have to charge more for them just to make it worth the service,” said JPMorgan Chase Chief Executive Jamie Dimon. ...
A combination file photo shows Wells Fargo, Citigbank, Morgan Stanley, JPMorgan Chase, Bank of America, JPMorgan, and Goldman Sachs from Reuters archive. REUTERS/File Photo
Households and businesses had huge appetite for loans in the third quarter but faced tight credit standards from banks
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 ...