THE total resources of the country’s financial system grew by 9.2 percent to P32.14 trillion as of end-August from P29.43 trillion a year earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Month on month, total resources were slightly higher than July’s P32.10 trillion.
Total financial resources are classified according to types of banks — universal/commercial, thrift, rural and nonbank financial intermediaries — and include assets before provisions for anticipated losses, bond discounts or premiums and market gains or losses.
Bank resources rose by 10.6 percent in August to P26.81 trillion from P24.24 trillion a year ago. It was up slightly from July’s P26.78 trillion.
Universal and commercial banks, which accounted for the bulk of total banking resources, saw a 10.6-percent rise to P25.1 trillion from P22.7 trillion a year earlier. The amount was unchanged compared to July.
Thrift banks, and rural and cooperative banks, meanwhile, posted gains of 7.6 percent and 15.2 percent, respectively, to P1.13 trillion and P478 billion from P1.05 trillion and P415 billion a year ago.
Digital bank resources surged to P110 million, up 29.4 percent from P85 million last year.
Nonbanks, meanwhile, posted a 2.6-percent gain to P5.33 trillion from P5.20 trillion a year earlier.
These include BSP-supervised investment houses, financing companies, investment companies, securities dealers/brokers, pawnshops, lending investors, nonstock savings and loan associations, credit card companies, government nonbank financial institutions and authorized agent banks’ forex corporations, with assets reported gross of allowance for probable losses and net of depreciation.
Nonbank institutions also include the Social Security System, Government Service Insurance System and private insurance companies, with assets reported net of allowance for probable losses and depreciation.
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