Bank profits hit P300.4 B in 9 months

Earnings of Philippine banks rose by 3.6 percent to P300.42 billion from January to September compared to last year's P290 billion, according to the Bangko Sentral ng Pilipinas.

- By KEISHA TA-ASAN

Banks' operating income increased by 10.2 percent to P1.04 trillion during the nine-month period from P939.98 billion in the same period last year.

The sector's net interest income rose by 11 percent to P851.47 billion from P767.04 billion as interest earnings went up by nine percent to P1.21 trillion from P1.11 trillion, while interest expenses grew by 2.5 percent to P351.6 billion from P343 billion.

Likewise, banks' non-interest earnings grew by 7.6 percent to P185 billion from P171.9 billion on higher profit from fees and commissions.