MANILA, Philippines — State-run Land Bank of the Philippines saw its net income rise to nearly P32 billion as of end-September, effectively hitting 90 percent of its full year target.
In a statement yesterday, Landbank said its net income jumped by 24 percent to P31.85 billion in January to September from P25.7 billion in the same period last year.
This is also 21 percent above the P26.3 billion in target profit for the nine-month period and is already 90.9 percent of Landbank’s P35-billion bottom line eyed by end-2023.
Landbank president and CEO Lynette Ortiz said the bank’s performance was driven by the aggressive expansion of its developmental loan portfolio, coupled with robust yields from loans and investments.
“We have likewise been prudent and disciplined with managing our expenses to maximize gains,” Ortiz said.
“We will ensure that our solid balance sheet continues to translate to substantial and meaningful support to the sectors we serve,” she said.
As of end-September, Landbank benefited from the 36-percent increase in interest income from loans and investments to P91.15 billion.
In terms of assets, Landbank grew its base by 11.5 percent to P3.1 trillion as deposits grew to P2.7 trillion, an almost 13 percent expansion.
Further, Landbank’s capital stood at P249.2 billion as of end-September, rising by 22 percent. It also exceeded the full-year target of P243.8 billion in capital.