Courtesy: Land Bank of the Philippines
LAND BANK of the Philippines posted a 38.2% increase in its net income in 2022 on improved interest income from loans and investments and gains from fees, commissions, and foreign exchange.t stood at P30.1 billion in 2022, surpassing its target of P25.71 billion and rising from the P21.7 billion recorded the year prior.“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.
The bank said its income breached the P30-billion mark for the first time, with the increase “driven by the substantial interest income from loans and investments, alongside earnings from fees, commissions, and foreign exchange, among other income sources.”Deposit liabilities rose by 21.8% to P2.8 trillion from P2.3 trillion, with the government sector accounting for 67.6% or P1.9 trillion of the total.
The bank’s capital also rose by 1.4% year on year to P210.6 billion from P207.7 billion, even after it remitted P8.5 billion in special cash dividends to the National Government in June 2022 amid its record net income.Other details on its 2022 financial performance were not immediately available. —
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