We ended 2022 with total consolidated assets of PHP2.8 trillion, maintaining our status as the country’s second largest private universal bank. Meanwhile, total equity stood at PHP318.5 billion.

Our loans grew 15% year-on-year, propelled by corporate and commercial loans as businesses started to build their inventories and resumed investment spending. We also saw a jump in net credit card loans as consumers started on “revenge shopping” after experiencing pandemic fatigue for two years.

Asset quality further improved as non-performing loans (NPLs) ratio eased to 1.9% from 2.2% in 2021. NPL cover remained substantial at 172.4%, reflecting our strong ability to cover any potential risks to portfolio health.

Improving consumer and business sentiment was also evident in our level of total deposits, which went up by 15% year-on-year to PHP2.2 trillion from PHP1.9 trillion, with low-cost current and savings accounts (CASA) accounting for 66.6% or PHP1.5 trillion of the Bank’s deposit base.

Our balance sheet’s strength is reflected on our capital ratios which remains to be one of the highest in the industry, with capital adequacy ratio (CAR) at 17.7% and Common Equity Tier 1 (CET1) ratio at 16.8%, both well-above the minimum regulatory requirement.