MANILA – State-run Land Bank of the Philippines (LandBank) on Sunday said its net income in the first nine months of the year reached an all-time high of PHP31.85 billion.
In a statement, the bank said the profit during the period was higher by 24 percent than the PHP25.7 billion recorded last year.
It also exceeded the target of PHP26.3 billion for the first three quarters by PHP5.6 billion, and represents 90.9 percent of the PHP35 billion full-year target for 2023.
“The unprecedented income was driven by the aggressive expansion of our developmental loan portfolio, coupled with robust yields from loans and investments. We have likewise been prudent and disciplined with managing our expenses to maximize gains," LandBank president and chief executive officer Lynette Ortiz said.
"We will ensure that our solid balance sheet continues to translate to substantial and meaningful support to the sectors we serve,” she added.
Interest income from loans and investments reached PHP91.5 billion, up by 35.9 percent year-on-year, while total assets likewise grew by 11.5 percent to PHP3.1 trillion from PHP2.8 trillion last year.
The increase was driven by the 12.8 percent year-on-year expansion of deposits which amounted to PHP2.7 trillion.
LandBank's capital meanwhile, also went up by 21.9 percent to PHP249.2 billion from PHP204.4 billion in 2022, exceeding the full-year target of PHP243.8 billion for 2023.
The bank's Capital Adequacy Ratio was at 16.15 percent and Common Equity Tier 1 at 15.30 percent, both well above the minimum requirements of the Bangko Sentral ng Pilipinas. (PNA)