Land Bank of the Philippines (Landbank) reported a 38.2% increase in its net income in 2022, amounting to P30.1 billion.
This surpassed its target of P25.71 billion and increased from the P21.7 billion recorded the year prior.
This also translated to a return on equity of 14.37% and return on assets of 1.05%.
“Landbank’s strong performance in 2022 represents another milestone year, with a solid balance sheet that continues to overcome external headwinds and yield sustainable growth. 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,” Bankero, Landbank President and Chief Executive Officer Cecilia C. Borromeo said.
“Landbank’s sound financial position is boosting its capacity to extend support to key development sectors, as part of its broader thrust of serving the nation,” the lender said.
The bank said the increase is “driven by the substantial interest income from loans and investments, alongside earnings from fees, commissions, and foreign exchange, among other income sources.”
LANDBANK’s assets grew by 21.5% to P3.1 trillion from P2.6 trillion recorded in the previous year.
Deposit liabilities climbed by 21.8% to P2.8 trillion from P2.3 trillion, with 67.6% or P1.9 trillion of the total coming from the government sector. Included in this are deposits from government agencies and government-owned or -controlled businesses, which increased by 48.1% and 22.5%, respectively.
The bank’s capital also saw a 1.4% year-on-year increase from P207.7 billion to P210.6 billion, despite remitting P8.5 billion in special cash dividends to the National Government in June 2022.
On the other hand, its net interest margin was at 2.97%.
The bank has yet to report further details on its 2022 financial performance.
