Landbank January-June earnings rise 36%

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LAND BANK of the Philippines earnings rose 36% from a year earlier to P10.58 billion in the six months to June, boosted by growh in lending, the lender said in a statement on Friday.

“We are well ahead of our second-quarter target, and Landbank is well positioned for continued growth, with prudent operation and aggressive expansion of loan portfolio,” President and Chief Executive Officer Cecilia C. Borromeo said in the statement.

Income from loans in the first half rose 60%, while its gross loan portfolio increased 13% to P855.32 billion. The lender didn’t provide second-quarter financial figures.

Deposits in the first half rose 6% to P1.59 trillion, while capital increase by 21% to P141.86 billion, according to the statement.