Thrift banks’ total assets grew 6% to P1.10T in 2024

The country’s thrift banking sector saw its total assets grow by over P1 trillion in 2024, the Chamber of Thrift Banks (CTB) said Tuesday.

In a statement, the CTB —the umbrella organization of the country’s thrift banks— said the sector posted total assets of P1.10 trillion as of December 31, 2024, up 6% from a year ago.

The group attributed the thrift banking sector’s asset growth to “stronger lending activity and expanded support for MSMEs (micro, small and medium enterprises) and housing.”

CTB said thrift banks’ lending activities grew, with loan portfolios expanding by 14.7% to P777.28 billion, underscoring the sector’s sustained commitment to financial inclusion. 

The sector’s deposit liabilities rose by 4.7% to P826 billion, while the capital base stood at P174 billion with a capital adequacy ratio of 17.88%.

Thrift banks’ non-performing loan ratio stood at a manageable 6.67%, demonstrating sound credit risk management despite external challenges.

“We are pleased to report that the Chamber of Thrift Banks has continued to demonstrate remarkable growth and adaptability through the years,” said CTB president Mary Jane Perreras. 

“From our origins in 1974 as a small industry group, the Chamber has evolved into a leading voice for thrift banks across the Philippines, representing their interests with strength and clarity,” said Perreras —VAL, GMA Integrated News