The year 2019 turned out to be a landmark year for the Land Bank of the Philippines (LANDBANK) as it breached the P2 trillion mark in assets—a new record for the state-owned universal Bank.
LANDBANK posted total assets of P2.03 trillion last year, up by 8% or P157.2 bilion from 2018. This was propelled by deposits amounting to P1.78 trillion which recorded an uptick of 8% or P127.23 billion year-on-year.
Likewise, the Bank’s net income also grew by 20% to P18.51 billion from P15.48 billion. This translates to a return on equity of 13.19% which is above the industry average of 10.38% as of September 2019.
Meanwhile, capital significantly rose to P149 billion, 13% or P17.38 billion more than the P131.62 billion posted in 2018.
“Reaching this new milestone in assets, including consistent growth in all financial fronts, has made 2019 a banner year for LANDBANK. More importantly, we are banking on this performance to enable us to create a bigger impact in helping the agriculture sector grow this year. We look to build on this momentum to intensify and further expand support to our priority sectors, our small farmers and fishers in the countryside,” LANDBANK President and CEO Cecilia C. Borromeo said.
LANDBANK is the biggest credit provider to small farmers and fishers, and local government units, and the biggest lender to microenterprises and SMEs among government financial institutions.
