THE QUASI-BANKING sector’s assets jumped by 10.4% as of end-June, data from the Bangko Sentral ng Pilipinas (BSP) showed.
The total assets of nonbanks with quasi-banking functions rose to P170.864 billion in the first semester from P154.784 billion in the same period a year ago.
Quarter on quarter, their assets increased by 2.07% from P167.391 billion as of end-March.
Financial institutions with quasi-banking functions include financing companies and investment houses.
Broken down, the bulk of assets were held by financing companies (P167.291 billion) while the remainder (P3.573 billion) came from investment houses.
The nonbanking sector’s loan portfolio inclusive of interbank loans receivable stood at P152.022 billion as of June. This was 13.1% higher than the P134.355 billion a year prior.
However, net investments fell by 18.7% year on year to P5.516 billion at end-June from P6.782 billion.
Cash and due from banks amounted to P6.72 billion in the period, also down by 2.5% from P6.891 billion a year earlier.
Net real and other properties acquired inched up by 0.2% to P915 million from P913 million.
Nonbanks’ other assets slipped by 2.6% to P5.691 billion as of June from P5.844 billion.
Meanwhile, the total liabilities of the sector rose by 10.3% to P146.578 billion from P132.832 billion.
Separate data from the central bank showed that nonbanks with quasi-banking functions’ net income after tax stood at P988 million at end-June, up by 0.2% from P986 million a year ago.
Net interest income went up by 2.3% to P3.518 billion from P3.439 billion, while non-interest income more than doubled to P480 million from P229 million.
As of the first half, the sector’s operating expenses increased by 4.9% to P2.675 billion from P2.551 billion.
Bad debts written off dropped to P209 million from P226 million. The sector’s nonperforming loan ratio also eased to 3.9% at end-June from 4.5% a quarter ago. — Luisa Maria Jacinta C. Jocson
