The Land Bank of the Philippines (LANDBANK) raked in a net income of P20.9 billion in the first six months of the year, exceeding its first-half target by 19% or P3.3 billion.
The six-month income translates to 2.7% year-on-year growth from P20.3 billion and represents 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. LANDBANK is in prime position to sustain our intensified support to the agriculture sector and other key industries,” said LANDBANK President and CEO Lynette V. Ortiz.
The Bank’s net income growth in the first semester is attributed to earnings from loans and investments, which increased by 49.8% and 43.5%, respectively.
LANDBANK also solidified its industry footing with total assets reaching P3 trillion or 7.9% higher than P2.8 trillion in the same period a year ago.
The increase in assets was driven by deposits amounting to P2.7 trillion which expanded by 9.2% year-on-year.
The Bank likewise booked double-digit growth in capital at 14.4% to P236.3 billion from P206.5 billion.
LANDBANK’s return on equity remains at a healthy level of 13.82%.
LANDBANK consistently ranks among the top universal banks in the country in terms of assets, deposits, loans, and capital. Global credit ratings agency Fitch Ratings, Inc. recently upgraded the Bank’s outlook to “stable” and affirmed its Long-Term Issuer Default Ratings (IDRs) at ‘BBB’.
LANDBANK will celebrate its 60th anniversary on 08 August 2023, representing six decades of uplifting lives, empowering communities, and serving the nation — all in pursuit of an inclusive and sustainable economy.
