Landbank income jumps 52% to P4.26 billion

MANILA, Philippines — The net income of Land Bank of the Philippines jumped by 52 percent to P4.26 billion in the first quarter from P2.81 billion in the same period last year on the back of higher interest income.

Landbank president and chief executive officer Alex Buenaventura said the growth was brought about by the surge in the bank’s gross revenue, which climbed by 47 percent to P17.4 billion from P11.8 billion in the same period in 2017.

The bank’s return on equity and net interest margin stood at 15.74 percent and 3.33 percent, respectively, remaining above the latest industry averages.

“This quarter’s performance assures us that we are gaining the momentum to meet our targets this year. The 31 percent growth in our loan portfolio is also a strong indicator of our fervent drive to reach more agribusiness borrowers, especially in the countryside,” Buenaventura said.

“The bank’s solid financial performance is our source of financial muscle to attain our bigger mission of promoting inclusive growth,” he said.

Landbank total assets stood at P1.63 trillion as of end-March this year, 19 percent higher than the P1.38 trillion a year ago.

Total deposits also grew by 19 percent to P1.44 trillion from P1.22 trillion, while total capital expanded 22 percent to P108.37 billion from P88.63 billion.