ASSETS of Philippine banks’ trust units jumped 18.6% to P4.69 trillion at the end of March from a year earlier, according to data from the central bank, which could boost their noninterest income from management fees, commissions and other charges.
Net deposits reached P1.19 trillion as of end-March, 15.1% higher than a year ago, Bangko Sentral ng Pilipinas (BSP) data showed. Net financial assets rose 18.2% year on year to P2.77 trillion.
Cash on hand, in transit and in deposits with other banks surged 46% to P584 million from a year earlier.
Loans, which include gross equity investments, fell 13.3% year on year to P41.68 billion.
Under total accountabilities, trust holdings rose 16.9% to P1.63 trillion at end-March from a year earlier. Unit investment trust funds jumped 35.5% to P659.1 billion, while employee benefits went up 9.4% to P364.38 billion.
Universal and commercial banks had the bulk or P4.67 trillion of these trust holdings, which they hold and manage on behalf of their clients. – Luisa Maria Jacinta C. Jocson
