LANDBANK Posts P10.3B Net Income for First 9 Months, on Track to Meet Target

The Land Bank of the Philippines is on track to meet its full-year income target of P13.5 billion, on the back of steady growth for the first nine months of 2016. The Bank’s net income for the period stood at PHP10.3 billion, which exceeds by 2% its year-to-date target of PHP10.13 billion.

The Bank’s return on equity for the quarter was at 15.8% while net interest margin stood at 3.14%.

Total assets also grew by a hefty 17 percent to PHP 1.3 trillion from PHP 1.1 trillion in the same period last year, buoyed by growth in loans and investments. The Bank’s gross loan portfolio grew 9% to PHP481.9 billion from PHP 441.1 billion, while investments grew 55% to PHP471.9 billion from PHP303.6 billion in September 2015.

New LANDBANK President and CEO Alex V. Buenaventura, who assumed his post last November 11, says this puts LANDBANK in a good position to further expand its services, reach, and support especially to farmers and fishers, microenterprises, and SMEs. “This will be our priority moving forward, as we strive to keep the balance of maintaining our financial viability and fulfilling our development mandate,” he added.

Buenaventura takes on the helm of LANDBANK with a solid performance base, with total deposits of PHP1.2 trillion as of September 2016, up 18 percent from the year-ago level of PHP991.3 billion. Total capital meanwhile stood at PHP91.1 billion, 18% higher than PHP 77.3 billion for the same period last year.

LANDBANK is the only universal bank present in all provinces of the country with its nationwide network of 365 branches and 1,607 ATMs. These are complemented by 27 Other Banking Offices across the country. It remains the biggest credit provider to small farmers and fishers, local government units, and is the largest lender to microenterprises and SMEs among government financial institutions.