Bank assets up 8% to P31 trillion in 2023

MANILA, Philippines —  The total resources of the country’s financial system went up by eight percent to hit P31 trillion in 2023, the Bangko Sentral ng Pilipinas (BSP) said.

Latest data from the BSP showed that banks and non-bank financial institutions booked an aggregate 7.59-percent growth in assets to reach P31.056 trillion in 2023 from P28.864 trillion in 2022.

These resources include funds and assets such as deposits, capital, bonds and debt securities.

The growth in resources was fueled by the 8.4-percent expansion in the assets of universal and commercial banks to P24.263 trillion.

Big banks accounted for 93.8 percent of the banking industry’s total resources, which stood at P25.859 trillion as of end-2023.

Similarly, assets of thrift banks grew by seven percent to P1.1 trillion in 2023 from P1.028  trillion a year ago. Mid-sized banks cornered four percent of the overall banking resources.

On the other hand, the assets of rural and cooperative banks barely moved by 0.2 percent to P404 billion as of end-December last year.

Non-banks likewise grew their resources by 2.7 percent to P5.197 trillion from P5.057 trillion in end-2023.

Non-bank financial institutions include BSP-supervised investment houses, financing and investment companies, securities dealers and brokers, pawnshops, and lending investors.

It also covers non-stock savings and loan associations, credit card companies, state non-bank financial institutions, and authorized agent banks.