MANILA – State-owned Land Bank of the Philippines (Landbank) said its net income hit an all-time high of PHP40.3 billion last year on the back of strong revenues from loans and investments, and prudent cost management.
In a statement on Thursday, Landbank said its net income in 2023 also exceeded its target by PHP5 billion.
“Landbank’s strong financial performance in 2023 exemplifies sound management committed to deliver remarkable results in a thriving economy. We will build on this growth momentum to further drive meaningful investments in advancing inclusive and sustainable development in the country," said Landbank president and chief executive officer Lynette Ortiz.
The bank's assets went up by 4.2 percent to PHP3.3 trillion, driven by strong deposit inflows and income from loans and investments.
Deposits also increased by 4.5 percent to PHP2.9 trillion.
Year-end capital amounted to PHP266.8 billion, higher by 27 percent than the PHP210.6 billion in 2022.
Landbank's capital adequacy ratio was at 16.35 percent while return on equity stood at 16.87 percent, significantly higher than the 12.15 percent industry average.
The bank said the strong financial base will further enhance support for agriculture, fisheries and rural development, as well as other key development sectors.
“We look forward to 2024 as another banner year for Landbank, underscoring our commitment to transformative and disruptive digital initiatives. This momentum gives us much optimism towards reaching new milestones in expanding financial inclusion nationwide,” Ortiz said. (PNA)
