Land Bank of the Philippines (LANDBANK) posted higher net income in the second quarter of the year propelled by steady growth in its loan portfolio.
In a statement sent to reporters on Tuesday, Aug. 21, the state-led bank logged a net income of P7.8 billion in the April-June period, 5.4% higher than the P7.4 billion in the same period last year.
LANDBANK President and Chief Executive Officer Alex V. Buenaventura said the increase in its net income was boosted by steady growth in its loan portfolio.
The lender’s total loan book expanded 27% to P758.7 billion as of end-June from the P597.1 billion in a comparable year-ago period, with revenues from loans climbing 30%.
Deposits also grew 15% to to P1.5 trillion from P1.3 trillion as of June last year.
Return on equity stood at 13.4%, well above the latest industry average and surpasses the levels reported by the country’s top four banks. LANDBANK’s net interest margin was also above industry average at 3.32%.
Overall, the bank’s assets rose 14% to P1.7 trillion from a year-ago level of P1.48 trillion. Its capital on the other hand stood at P117.4 billion.
Mr. Buenaventura said LANDBANK remains among the most profitable banks in the country.
“We confident about continued growth for the next half of the year,” he was quoted as saying in the statement. — Karl Angelo N. Vidal