May 20, 2019
GOVERNMENT-OWNED Land Bank of the Philippines’ (LandBank) net income grew by 12 percent to P4.75 billion in the first quarter from P4.26 billion in the same period last year.
In a statement over the weekend, LandBank said the latest amount also exceeded its January-to-March target of P4.16 billion by 14 percent.
The lender’s gross loan portfolio rose to P867.32 billion from P708.10 billion year-on-year, while income from investments in financial assets surged by 43 percent to P6.36 billion in the first three months from P4.44 billion a year ago.
LandBank President and Chief Executive Officer Cecilia C. Borromeo credited the strong first-quarter performance to the substantial increase in income from loans and investments.
Total assets jumped by 16 percent to P1.89 trillion from P1.63 trillion, while deposits climbed by by 17 percent to P1.68 trillion from P1.44 trillion.
Total capital stood at P136.47 billion, up 26 percent from last year’s P108.37 billion.
According to Borromeo, this puts LandBank in a good position to further boost support for farmers and fishermen; micro, small and medium enterprises; agribusinsses; and other development players.
“We work hard to maintain the bank’s sound financial position as the profits from our commercial banking operations allow us to move toward our bigger mission of promoting inclusive growth, especially in areas where financial services are not easily available or accessible,” she said.
The bank will continue invest in technology to pursue its inclusive-growth thrust and to provide greater convenience to clients, the bank chief added.
LandBank aims to raise the number of its branches to 410 by yearend. It recently opened its 400th branch in Jagna town, Bohol province.
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