The first quarter of 2022 showed signs of recovery from the slump brought by the coronavirus pandemic. Total loans held by the country’s 45* universal and commercial banks (U/KBs) rose 6.21% year on year to P9.93 trillion, its fastest in eight quarters or since the 9.73% growth in the first quarter of 2020.

Total assets also jumped 7.37% to P20.27 trillion in the first three months of the year. However, this was the slowest pickup in three straight quarters, or since 2.71% in the second quarter last year.