March, 19, 2010

Steady growth in deposits supported the local banking industry’s growth last year, with total resources growing by almost a tenth amid the US-led global financial crisis.Central bank data showed the sector’s resources increased by 7.3 percent to P7.954 trillion in 2009 from a year earlier.Universal and commercial banks’ resources went up by almost a tenth to P5.694 trillion last year from a year earlier, accounting for 88.6 percent of the total.

The Bangko Sentral ng Pilipinas said the banking system’s asset base had been expanding steadily due to growth in deposits particularly of universal and commercial banks.The industry’s total assets stood at P6.421 trillion at the end of last year, 7.5 percent or P448 billion more than a year earlier.Assets of thrift, savings and rural banks, however, slid by 3.6 percent to P727.36 billion, accounting for 11.3 percent of the sector’s total. Assets of nonbanks went up by 6.5 percent to P1.532 trillion.

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