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Phl banks post record profit in 2024
The Philippine Star
|February 15, 2025
Philippine banks bolstered their earnings by 9.8 percent to hit an all-time high of P391.28 billion in 2024 from P356.49 billion in 2023 on the back of higher interest income.
Data from the Bangko Sentral ng Pilipinas (BSP) showed the operating income of the banking sector increased by 11.4 percent to P1.27 trillion in 2024 from P1.14 trillion in 2023.
The industry's net interest income went up by 13.4 percent to P1.04 trillion last year from P915.55 billion in 2023 as interest earnings rose by 16.3 percent to P1.5 trillion from P1.29 trillion, while interest expenses jumped by 25.2 percent to P464.74 billion from P371.24 billion.
The central bank kept its key policy rates elevated last year as it continues to be cautious of risks to inflation. It only started cutting borrowing costs in August 2024, slashing the benchmark rate by a total of 75 basis points to 5.75 percent.
This story is from the February 15, 2025 edition of The Philippine Star.
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