Thrift banks post robust growth in 2023

After thrift banks posted robust growth performance in 2023, the Chamber of Thrift Banks (CTB) is optimistic about the growth prospects of its member-banks for this year amid the opportunities digital transformation brings.

- KEISHA TA-ASAN

“In the past year, the thrift banking sector, under CTB’s leadership, demonstrated robust performance,” CTB president Cecilio San Pedro said in a statement.

According to CTB, total assets of thrift banks rose by 7.4 percent to P1.04 trillion as of end-December last year from P968.28 billion in 2022.

Thrift banks also saw a 16.3-percent growth to P677.6 billion in core lending, indicating sustained lending activity within the sector ’s niches.

Confidence in the sector also remained high, with deposit liabilities growing by 6.5 percent year-on-year to P789.3 billion.

Total capital also stood at P157 billion in 2023, 10 percent higher than last year’s level. Capital adequacy ratio reached 16.98 percent, well above the required minimum of 10 percent.