Laughing all the way to the banks!

RP’s 10 biggest banks post combined profits of P50b

The 10 largest banks in the Philippines posted a combined net income of close to P50 billion last year amid the recovery of the global economy in the fourth quarter.

Five of these banks had profits of at least P6 billion each, representing a growth of 30 percent to 180 percent a year ago, according to their respective declaration to the stock exchange.

Bank of the Philippine Islands, the third- largest bank in terms of assets, reported the highest profit of P8.5 billion in 2009, up 32.8 percent from a year ago.

State-owned Land Bank of the Philippines, the fourth largest in assets, was the second most profitable with a net income of P6.76 billion, on a 34.7-percent growth.

Banco de Oro, the largest bank in assets, booked a net income of P6.1 billion in 2009, representing a 177.3-percent rise over a year ago.

Development Bank of the Philippines, another government-run financial institution, declared P6.09 billion in profit last year, up 69.2 percent from 2008.

Metropolitan Bank and Trust Co. said net income rose 36.4 percent to P6 billion in 2009.

The largest banks in terms of assets were Banco de Oro with P856.2 billion; Metrobank, P854.3 billion; BPI, P725 billion; LandBank, P510.64 billion; and DBP, P292 billion.

Other banks also posted hefty increase in profits last year. Union Bank of the Philippinse said profit went up 109 percent to P4.33 billion in 2009 while China Bank saw its net income soar 42.4 percent to P4.03 billion. –Roderick T. dela Cruz, Manila Standard Today