Bank branches in Central Visayas increase by 4% to 642

CEBU, Philippines - Bank branches in Central Visayas stood at 642 as of March 2015 as financial resources in the region continued to improve last year and first quarter this year, said the Bangko Sentral ng Pilipinas (BSP).

Bank branches posted a 4% rise as of end-March from 618 in the same period a year ago. There are also 46 bank head offices in the region, same as last year.

The number of universal and commercial banks -- which are the big lenders and comprise most of the branches -- increased to 391 as of March from 359 a year earlier.

The number of operating thrift banks also rose to 126 from 120 but that of rural and cooperative banks went down to 125 from 139.

As for bank density ratio or the number of banks per municipality or city, the Bangko Sentral said it increased by 5.2% in CV last year from 4.9% in 2013.

But loans granted by CV banks last year significantly plunged by 24.1%.

Data from the Philippine Deposit Insurance Corp. (PDIC) also bared that bank deposits in the region as of end-2014 amounted to P431.21 billion, up 17% from P368.53 billion in 2013.

Total bank accounts held by CV banks last year reached 2.9 million from 2.76 million in 2013.

The BSP said savings and time deposits have remained the main fund sources of local lenders.

Nationwide the local banking system has a total of 10,456 branches as of the end of the first quarter this year.

These are largely composed of universal and commercial banks followed by thrift and rural and cooperative lenders. — Carlo S. Lorenciana (FREEMAN)