The quality of the banking sector loan portfolio remained manageable and within BSP’s expectations with total non-performing loans at 4.3 percent as of end-November 2021. During the same period, NPL coverage ratio remains high at 87.1 percent. The banking system posted an annualized net profit growth of 8.5 percent year-on-year or P199.8 billion as of end-September 2021. Banks maintained sufficient capital and liquidity buffers.
In British Columbia, for example, natural resources accounted for less than 10 per cent of GDP, while in Ontario – not surprisingly – it was barely 2 per cent. The bottom line, simply stated, is that Canada is different, and Alberta is more different still, from many of its counterparts.