MANILA, Philippines - State-run Land Bank of the Philippines booked an 11 percent increase in earnings in the first nine months of the year on the back of higher income from loans and investments.
LandBank president and chief executive officer Gilda Pico said its net income amounted to P10.27 billion from January to September compared to P9.26 billion in the same period last year.
Pico said the government-owned bank is confident it would surpass its 2015 target with the aggressive expansion of its lending and investment businesses, and increased revenue through traditional and non-traditional sources.
“We hope to finish 2015 strong with greater focus on strengthening our core business segments and assisting our mandated and priority sectors. Our efforts are geared towards contributing to the government’s goal of promoting sustainable development and financial inclusion, bringing financial services to underserved and unbanked areas,” Pico said.
LandBank’s return on equity for the nine-month period was at 17.54 percent while net interest margin stood at 3.31 percent which are both well above the latest industry averages.
Its gross loan portfolio grew 21 percent to P441 billion from P362 billion, while investments jumped 11 percent to P304 billion from P274 billion.
The bank’s total assets likewise grew by 25 percent to P1.14 trillion from P911 billion, while total deposits rose 27 percent to P991 billion from P782 billion. Its total capital stood at P77.3 billion in end September.
LandBank is present in all provinces with a nationwide network of 357 branches and 1,466 ATMs.