Land Bank of the Philippines (Landbank) saw its net income grow in 2017 on the back of its robust core revenues.
In a statement sent to reporters on Thursday, Feb. 22, state-owned Landbank said it posted a net income of P14.05 billion, 4% higher than the P13.58 billion recorded in 2016.
Landbank’s net income growth was mainly supported by the double-digit growth from its core revenues.
Its income on loans expanded to P26.8 billion by 12% last year from P23.9 billion in 2016. This brought the lender’s loan portfolio to grow 30% to 674.3 billion.
Landbank’s deposit base grew to P1.42 trillion by 15% from P1.23 billion recorded in 2016 as it added new branches and automated teller machines and expanded the enrollment of its internet and mobile banking subscribers.
Meanwhile, its income from investments also expanded to P21.17 billion by 28% in 2017 from P16.49 billion recorded in a comparable year-ago period. Landbank’s investments portfolio rose to P580.65 billion by 25%.
Return on equity was at 14.8% in 2017, while the lender’s total capital expanded to P104.59 billion by 23%.
“With our solid performance in 2017 further reinforcing the [b]ank’s foundation, we are confident with sustaining growth in 2018,” Landbank President and Chief Executive Officer Alex V. Buenaventura was quoted as saying in the statement.
“Our core objective is to continuously grow the net income in order to expand support to our priority sectors, especially the farmers and
fishers, cooperatives, [and micro-, small and medium enterprises].” — Karl Angelo N. Vidal