Landbank sees 2-digit earnings this year

MANILA, Philippines — Land Bank of the Philippines is looking at a double-digit growth in net income this year following a record performance in 2023.

On the sidelines of the 2024 Annual Reception for the Banking Community late Friday night, Landbank president and CEO Lynette Ortiz said the state-run bank targets to sustain its record performance last year.

“We are looking to grow at the very least by 10 to 12 percent from how we ended 2023,” she told reporters.

Landbank is set to release its full year performance over the coming days, but Ortiz maintained that the bank exceeded its P35-billion income target.

“We have exceeded our targets, it was a good and landmark year for Landbank,” she said.

As of the third quarter of 2023, Landbank already hit 90.9 percent of its target after earning P31.85 billion, driven by the aggressive expansion of its developmental loan portfolio, coupled with robust yields from loans and investments.

For 2023, Ortiz noted that several factors drove the growth of the bank, particularly lending, investment portfolio, and cost efficiencies.

“I think we have really picked up in terms of our lending activity, it was very much aligned and consistent with our mandate,” she said.

“Our investment portfolio in the (Bureau of) Treasury also performed very well and we have managed our funding costs as well to really be more cost efficient.”