Land Bank of the Philippines (LANDBANK) saw its net income surge by half in the first quarter, supported by strong profit growth in loans.
The state-run lender said it logged P4.26 billion in profits in January-March, 52% higher than the P2.81 billion booked in the same period last year.
This was also 13% higher than the bank’s P3.78 billion first quarter guidance.
The strong first-quarter profits was attributed by LANDBANK to higher interest income of loans, which surged 25% year-on-year, the bank said in a statement sent to reporters Wednesday.
The lender saw a 31% growth in its loan portfolio to P694.71 billion last quarter from the year-ago level of P529.16 billion.
“The 31% growth in our loan portfolio is also a strong indicator of our fervent drive to reach more agribusiness borrowers, especially in the countryside,” LANDBANK President and Chief Executive Officer Alex V. Buenaventura was quoted as saying in a statement. — Karl Angelo N. Vidal