Overview of Top Banks in Philippines
The banking sector in the Philippines plays a very important role in the economic growth of the country, and it is expanding rapidly and approaching the double digits credit growth. A banking system in the Philippines surround of different types of banks like a large universal bank, Small rural banks, and non Banks, and each bank is unique in its way of doing things.
The banking sector in the Philippines is monitored by the central bank of the Philippines (Bangko Sentral Ng Pilipinas) in short called as BSP established on 3rd July 1993. It does not only monitor the banking system but also forms policy to provide direction in banking credit and other money matters. As per data released by BCP on 2nd Jan 2019 FDI recorded as net inflows of US dollar 531 Million in November which is 45.9 percent lower than the inflows posted in November 2017. Current lending rate of BSP is 5.25 percent and RRP rate is 4.75%. As per BCP reports banking sectors in the Philippines sustained the growth in the first quarter of 2018 and banking system total assets expanded at double digits rate whereas GDP expanded Year on Year by 6.3%. The banking system total assets expanded to P15704.4 billion as of June end 2018 which is 10.3% higher than the June 2017.
Top 10 Banks in the Philippines
Let’s look at the top 10 banks as per total assets ranked by BSP as of September 2018.
1. BDO Unibank INC
It is the largest banks in the Philippine in terms of assets found in Jan 1968. Total assets with BDO Unibank INC are 2,788,580.64 Million Pesos. It provides various banking products and services primarily in the Philippines. It is a full-service universal bank in the Philippines. BDO has 1,200 operating branches and over more than 4,000 ATMs nationwide and it has a larger distribution network. BDO received many awards from various local and international award-giving bodies for product excellence. BDO Q3 2018 result shows 18% (P8.4 Billion) hike in earnings as compared to Q3 2017. Q3 2018 result also shows an increment of 15% as compared Q2 2018.
2. Metropolitan Bank & Tco
It also is known as Metrobank and second largest bank in the Philippines with a total of 1,788,686.32 Million Pesos founded in 1962. It offers all ranges of banking and other financial product and services. It has 950 domestic branches and 30 foreign branches and 2,300 ATM nationwide. Net income of bank at the end of Q3 is P5.7 billion which are 55% higher than the Q3 2017. According to bank disclosure, they see the demand to be positive in manufacturing, wholesale and retail trade and retail estate sector. Metrobank is the first private bank which opens its office in the USA.
3. Land Bank of the Philippines
It is found in 1963 and owned by the Philippines government and objective of this bank is to serve the special needs of Farmer and fishermen. As of 31st December 2018 bank has 395 branches, 44 lending centers, and 1969 ATMs nationwide. Total assets belong to a bank is 1,771,990.65 Million Pesos. Based on unaudited data bank net grew by 10% which is P15.5 billion which was P14.1 billion in 2017. Recently Landbank of the Philippine rewarded with the BSP best stakeholders awards 2018. This bank has a strong rural Network as compared to other banks.
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4. Bank of the Philippine Islands
Bank of the Philippine Islands is the first bank in the Philippines found in 1851 which is having total assets 1,701,049.95 Million Pesos as of September 2018. The bank also called BPI, and it serves a wide range of products and services to its retail and corporate clients. The bank has over 800 branches in Philippines, Europe, and Hong Kong and 3,000 ATMs and CDMs. BPI recorded P5.98 billion of net income for Q3 2018 which is 12% higher the same period during last year. As per the AC Nielsen study, BPI has the highest rating in corporate equity among the Philippines bank and in the Philippines.
5. Philippine National Bank
It is established in 1916 as a government-owned institution with the objective to support Philippines industry, agriculture, and support government economy effort. The bank is having total assets of 843,332.89 Million Pesos. As of August 2018, PNB has a total of 644 domestic branches and it recently acquired thrift bank unit PNB savings which are having 63 domestic branches. PNB profit jump as 67% from January to September net income during 2018 due to its core business grows.
6. Security Bank Corp
It is an independent bank with core business in Wholesale and retail banking and financial markets and with total assets of 736,019.32 Million Pesos. Security bank Corp recorded P4.3 billion profit in the first half of 2018 which is 18% lower than compared to last year for the same period due to the decrease in trading gain. Security bank has a total of 302 beaches and 713 ATMs. It is founded in 1951 and controlled by Filipino and Chinese community. This bank remains one of the most stable banks in the Philippines today.
7. China Banking Corp
China banking Corp is one of the leading private universal banks in the Philippines also known as China Bank. It is established in 1920 and offers all kinds of services to its institutional and individual customers. Total assets belong to China Bank as of September 2018 is 727,706.14 million Pesos. China Bank recorded consolidated net income of P3.6 billion from January to September 2018 which remains unchanged as compared to last year during the same period. Total operating branches of China Bank and China saving bank is 620 and they are planning to 29 more branches in 2019 to continue to expand its business.
8. Development Bank of the Philippines
It is state-owned development Bank founded in 1947 with currently having 632,603.68 Million Pesos of Assets. DBP reports 13% of growth in its Net income during Q3 2018 as compared to last year during the same period. DBP covered most of its fiscal target for the year and financially stable to support various government development initiatives. DBP has a total of 127 branches and 10 lite units nationwide.
9. Union Bank of the Philippines
It is a public listed universal bank with total assets of 567,696.64 Million Pesos. Net income of bank is 8% higher in Q3 2018 as compared with the previous year during the same period. As of March 2018, Union Bank has a total of 316 Branches and 338 ATMs. Union Bank is trying to digitalize it’s 30 to 40 branches by year end 2019. Union Bank wins best banking CEO awards and most innovative bank the year award at the European Global banking and finance awards 2018 in June 2018 in London.
10. Rizal Commercial Banking Corp
RCBC is one of the oldest and largest conglomerates in the Philippines and South Asia covering a total of 60 businesses which includes banking, insurance, education, and construction. It is a small development bank established in 1960 which is having total assets of 500,845.83 Million Pesos as of September 2018. RCBC posted net consolidated income of P3.2 billion for the January to September 2018. Core income shows a jump of 42% as compared to last year during the same period. RCBC nearly has 500 branches and 1,500 ATMs nationwide. RCBC is licensed by a central bank for commercial and investment banking.
This has been a guide to Top banks in Philippines. Here we have discussed the 10 topmost banks in Philippines with their financial structure. You may also look at the following articles:
- Top Banks In Australia
- Complete Guide To Top 10 Banks in Japan
- Top Banks in Brunei
- Guide And Overview To Top 10 Banks In Oman
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