LANDBANK’s net profit climbs by 2.7% in 1st half
LAND BANK of the Philippines (LANDBANK) saw its net income rise by 2.7% year on year in the first semester, it said on Wednesday.
The state-run lender’s net income stood at P20.9 billion in the six months through June, up from P20.3 billion in the same period last year, it said in a statement.
“We are very much on track in meeting our financial targets for the year, as income from loans and investments continue to expand. LANDBANK is in prime position to sustain our intensified support to the agriculture sector and other key industries,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
The bank’s first-half income exceeded its goal for the period by 19% or P3.3 billion, and represents about 60% of its P35-billion full-year target.
Its financial statement was not available as of press time.
LANDBANK’s first-half performance translated to a return on equity of 13.82%.
Income from loans and investments increased by 49.8% and 43.5%, respectively.
On the funding side, total deposits rose by 9.2% to P2.7 trillion.
Total assets grew by 7.9% year on year to P3 trillion at end-June.
The bank’s capital likewise went up by 14.4% to P236.3 billion.
“LANDBANK consistently ranks among the top universal banks in the country in terms of assets, deposits, loans, and capital,” the state-run lender noted. — AMCS
