Philippine banks remain resilient and expect to sustain its growth path in the next two years with a recovering economy post-pandemic, adequate liquidity and capital buffers which can shield it against any external risks. ManilaBulletin
Banking sector expects to post double-digit growth in assets, loans, deposits and net income in 2023 and 2024.To maintain risk-based capital, leverage, and liquidity ratios at levels higher than minimum standards to support expansion in their operations and promote institutional stability.
The latest BSOS covered all 45 universal and commercial banks, 43 thrift banks, 80 of 403 rural and cooperative banks, and two of six digital banks. Meanwhile, 77.9 percent of 170 banks surveyed said they expect profits and net income will continue to post double-digit growth this year and in 2024 in anticipation of improvement in the country’s economic condition.
Basically, the survey cover six sections including growth outlook, business strategy, risk assessment, impact of regulations, and the digitalization and cybersecurity preparedness. Meanwhile, 47.5 percent of surveyed banks said they were “prepared” to “handle and manage” cyberthreats. More than 50 percent of the big banks and thrift banks said they can deal with cyber-related attacks. About 31.7 percent said they are worried about the financial losses that result from cyber crimes, followed by data breaches and hits to banks’ reputations.
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