Landbank Net Income Up 11% to P10.27B in Q3 2015

Driven by increased income from loans and investments, LANDBANK’s net income for the first nine months of the year grew by 11% to P10.27 billion from P9.26 billion in the same period in 2014. It also exceeded its third quarter net income target of P9 billion by 14%.

LANDBANK President and CEO Gilda E. Pico said she is confident that the Bank would surpass its 2015 net income target with the aggressive expansion of its lending and investments businesses, and increased revenue through traditional and non-traditional sources.

“We hope to finish 2015 strong with greater focus on strengthening our core business segments and assisting our mandated and priority sectors. Our efforts are geared towards contributing to the government’s goal of promoting sustainable development and financial inclusion, bringing financial services to underserved and unbanked areas,” Pico said.

LANDBANK’s return on equity for the nine-month period was at 17.54% while net interest margin stood at 3.31% which are both well above the latest industry averages.

Its gross loan portfolio grew 21% to P441 billion from P362 billion, while investments jumped 11% to P304 billion from P274 billion in September 2014.

The Bank’s total assets likewise grew by 25% to P1.14 trillion from P911 billion in September 2014. Total deposits rose to P991 billion, up by 27% from P782 billion in the same period last year. Total capital meanwhile stood at P77.3 billion.

LANDBANK is present in all provinces with a nationwide network of 357 branches and 1,466 ATMs as of end-October. It has also put up 20 LANDBANK Easy Access Facility (LEAF) which functions as an “Other Banking Office” allowing clients to conduct non-transactional banking activities such as ATM withdrawals, submission of loan applications, and inquiries about loans, savings, and other products and services.