Landbank income improves by 11 percent in Q1

MANILA, Philippines — The net income of state-run Land Bank of the Philippines increased by 11 percent to P12 billion in the first quarter from P10.8 billion in the same quarter last year, mainly driven by high interest income from loans.

The bank’s profit was also six percent higher than the P11.3 billion target of the bank during the period.

Landbank’s total assets inched up by five percent to P3.3 trillion as its loan book jumped by 25 percent to P1.5 trillion, while its deposit base grew by four percent to P2.9 trillion due to higher government and private deposits.

Landbank’s gross loan portfolio stood at P1.5 trillion in the January to March period, 25 percent higher year on year due to the growth in treasury and commercial loans.

The loans were channeled towards agribusiness, energy, affordable mass housing and infrastructure projects.

Landbank has recently remitted P32.12 billion in cash dividends to the national government, marking the highest in the history of the state-run bank, to support the country’s infrastructure projects and socio-economic programs.

The contribution was the highest amount remitted among all government owned or controlled corporations (GOCCs), which highlights the bank’s robust performance in 2023.