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Landbank profit up at end-Aug.

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Landbank profit up at end-Aug.
The logo of Land Bank of the Philippines is seen at Ayala Avenue, Makati City, on August 14, 2014. — BW FILE PHOTO

STATE-RUN lender Land Bank of the Philippines (Landbank) saw its bottom line inch up in the first eight months of the year on the back of an expansion in its loan portfolio.

Landbank said in a statement yesterday that its net income climbed to P9.3 billion as of August “[d]riven by growth in loans and investment.”

This puts the lender on track to meet its full-year earnings target of P13.75 billion.

The end-August profit was 22.48% higher than the P7.43-billion net income posted in the first semester.

Landbank said its total capital reached P100 billion during the first eight months, up 9% from the P91.6 billion recorded in the same period last year.

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The bank’s revenues from granted loans grew 9% as its loan portfolio expanded by 24% to P597 billion as of August from the P483.6 billion in 2016’s comparable period.

Income from investments, meanwhile, also posted a 5% uptick to P12.3 billion, with the bank’s total investments reaching P481 billion.

Landbank’s assets grew to P1.5 trillion as of August, up 13% from P1.3 trillion last year. Its deposits also rose 14% year-on-year to P1.3 trillion.

The bank’s capital adequacy ratio stood at 12.66%, while its Tier 1 ratio stood at 11.84%.

“These strong capital ratios reflect LandBank’s sound financial position and our continuing drive to improve our capital base so we can further expand support to our priority sectors, especially farmers and fishers,” Landbank President and Chief Executive Officer Alex V. Buenaventura said in the statement.

“Landbank continues to fortify its banking operations, improve customer service to its wide range of clients, and pursue its development thrust of accelerating growth especially in the countryside,” the statement read. — E.J.C. Tubayan

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