Daily News

Big banks report slower growth in 1Q2020

The country’s biggest banks reported lower profits, reduced capacity to absorb risky assets, and slower asset growth in the first three months of the year. BusinessWorld’s latest Quarterly Banking Report showed the combined assets of 41 universal and commercial banks (U/KBs) grew 7.06% to P17.837 trillion in the January-March period, from P16.660 trillion in the same three months of 2019. The first-quarter asset growth was slower than the 8.16% recorded in the 4Q2019 and 10.91% in 1Q2019.