By Katrina Gracia Consebido
The Land Bank of the Philippines income rose by 38.2%, earning an all-time high of P30.1 billion in 2022, surpassing its full-year revenue goal of P25.7 billion by nearly P5 billion.
The state-owned bank’s total net income reached P30 billion for the first time due to interest income from loans and investments, fees, commissions, and foreign exchange gains.
Land Bank President and Chief Executive Officer (CEO) Cecillia Cayosa Borromeo said the bank’s “strong performance” in 2022 will keep up with the changing times and “yield sustainable growth.”
“Land Bank’s strong performance in 2022 represents another milestone year, with a solid balance sheet that continues to overcome external headwinds and yield sustainable growth,” Borromeo said.
“We look forward to a more favorable economic environment this year, as we take on a more prominent role in nation-building as a development institution,” she added.
Land Bank’s assets rose by 21.5% to P3.1 trillion from P2.6 trillion. Deposits rose by 21.8% to P2.8 trillion from P2.3 trillion year-over-year.
The government sector accumulated 67.6% or P1.9 trillion in the bank. National government agency and government-owned and controlled corporations (GOCC) deposits increased by 48.1% and 22.5% over the previous year.
Meanwhile, Land Bank’s capital climbed by 1.4% to P210.6 billion from P207.7 billion, despite the record net income and P8.5 billion in special cash dividends to the National Government in June 2022, this was achieved.
The bank’s financial ratios are healthy, with 14.37%, 1.05%, and 2.97%. – gb
