MANILA, Philippines — State-run Land Bank of the Philippines (Landbank) saw its net income climb by over 50 percent to P25.7 billion in the first nine-months, almost hitting the bank’s 2022 bottomline target.
Landbank’s net income jumped by 54 percent to P25.69 billion in January to September from P16.7 billion a year ago.
This effectively pushed Landbank to meet its full-year income target of P25.71 billion with still a quarter left in the year.
Landbank president and CEO Cecilia Borromeo attributed the expansion to higher interest income from loans and investments, as well as gains from foreign exchange and non-recurring miscellaneous income.
In terms of assets, Landbank grew its base by eight percent to P2.8 trillion in the nine-month period as deposits grew to P2.4 trillion.
The growth was mainly due to deposits from private individuals, local government units and national government agencies.
Further, Landbank’s capital stood at P204.4 billion as of end-September.
Its financial ratios also remain at healthy levels, with return on equity at 14.89 percent, return on assets at 1.15 percent and net interest margin at 3. percent.
Borromeo said Landbank’s sound financial position is furthering its capacity to extend financial support to development sectors.
“The sustained earnings and solid capital base of Landbank keeps it in prime position for sustainable growth, which extends to the development sectors that we serve,” Borromeo said.
“We will continue to direct our robust loan portfolio to drive support for agriculture alongside other key industries,” she said.
As of the third quarter, Landbank’s agriculture portfolio reached P259.2 billion, with a total of 3.36 million small farmers and fishers assisted through the bank’s network.