The Philippine banking system’s combined net profit as of end-March rose by 45.65 percent to P96.62 billion from P66.34 billion same time in 2022 due to higher interest income from lending and investing activities. ManilaBulletin
Banks' Q1 net profit up 45.65% to P96.62 billion, boosted by higher lending and investing activities.BSP says industry has “sustained positive performance and overall stability amid a challenging macroeconomic environment".
Non-interest income and non-interest expenses both increased by 20.24 percent and 31.74 percent in the first quarter, to P66.69 billion and P173.87 billion respectively, versus P55.46 billion and P131.97 billion in 2022 Also under losses or recoveries of financial assets, banks’ recovery on charged-off assets likewise declined by 18.94 percent to P2.91 billion from P3.59 billion.
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