The 54-member Chamber of Thrift Banks (CTB) on Friday reported that its roster accumulated assets collectively worth P943 billion as of end-May this year, a 5.3 percent increase from only P895 billion a year ago.
“Despite external challenges, the industry has managed to not only maintain its stability but also achieve substantial growth across various crucial parameters,” CTB president Cecilio San Pedro, said.
The umbrella organization attributed the growth to their combined focus to deposit mobilization which not only resulted to the increase in resources but also to their stability.
“Lending activity has also shown expansion, with core lending figures rising by 14.6 percent, reaching P616 billion from the previous year’s P537 billion,” San Pedro said.
“This growth is significant as it is the sector’s commitment to serving its designated operational niches, which include SMEs, housing and consumers,” he added.
The thrift banks also reported non-performing loans ratio at a manageable level of 7.19 percent which industry leaders said was a reflection of their proactive approach to risk management and asset quality.
The thrift banks also reported deposits growing at a healthy pace of 4.7 percent totaling P713 billion from only P681 billion a year earlier. Total capital also beefed up 12 percent to P151 billion from P135 billion.
This led to a robust capital adequacy ratio of 19.17 percent as of end-December 2022 and well above the minimum CAR of only 10 percent., highlighting the sector’s financial strength and prudence, the CTB said.
