BBS Bank balance sheet hits P3.9 billion

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BBS Bank has improved its balance sheet by 3% from P3.8 billion to P3.9 billion as at 31 December 2022.

Announcing the results for the year ended 31 December 2022, Managing Director Pedzani Tafa said total operating income reached P121 million up 8.3 per cent from the previous year.

“Net long-term loans and advances remained flat with an increase of 1.89% from P3.126 as at 31 December 2021 to P3.186 billion. Total expected credit losses stood at P51.5 million compared to P54.3 million as at 31 December 2021. Investment with banks improved by 44% from P311.5 million as at 31 December 2021 to P448.0 million,” she said.

She said total customer savings and deposits, including paid up and subscription savings increased by 8% from P2.5 billion as at 31 December 2021 to P2.7 billion as at 31 December 2022.

Meanwhile she said borrowings reduced by 11% from P769.9 million as at 31 December 2021 to P691.4 as at 31 December 2022 million because of repayments made during the year.