MANILA, Philippines — The Land Bank of the Philippines generated profit growth in the first six months, exceeding targets on the back of loans and investments.
In a statement on Wednesday, LBP churned a net income that grew 2.7% year-on-year to P20.9 billion in the first six months. The state-owned bank said the earnings outturn exceeded the first-half target by 19%, representing almost 60% of the bank’s P35 billion full-year target.
“We are very much on track in meeting our financial targets for the year, as income from loans and investments continue to expand,” said LBP president and CEO Lynette Ortiz.
Earnings from loans and investments surged by 49.8% and 43.5% apiece in the first six months.
Total assets grew 7.9% to hit P3 trillion in the first half, fueled by growth in its deposits base by 9.2% on a yearly basis. — Ramon Royandoyan