LAND BANK of the Philippines booked higher earnings. — BW FILE PHOTO

LAND BANK of the Philippines (LANDBANK) saw its net profit grow by double digits last year, with assets breaching the two-trillion mark.

In a statement sent to reporters yesterday, LANDBANK said its net income grew by 20% to P18.51 billion in 2019 from P15.48 billion in 2018, surpassing its full-year profit target of P16.64 billion.

In terms of assets, the lender recorded its highest asset base so far at P2.03 trillion last year, eight percent higher from a year ago.

Currently, the bank’s return on equity stands at 13.19%.

The bank also saw its deposits grow by eight percent year on year to P1.78 trillion in 2019 while its capital increased by 13% to P149 billion from the P131.62 billion posted a year prior.

“We are banking on this performance to enable us to create a bigger impact in helping the agriculture sector grow this year. We look to build on this momentum to intensify and further expand support to our priority sectors, our small farmers and fishers in the countryside,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying.

LANDBANK said it remains to be among the biggest lender to small farmers and fishermen, local government units and to microenterprises and small to medium enterprises, among government financial institutions.

As of end-September last year, the state-run bank was the third largest bank in terms of assets in the country, based on central bank’s tally. — BML