Borromeo appointed as LANDBANK OIC as it hits P7.4 B net income

Effective August 1, Cecilia C. Borromeo will serve as Officer-in-Charge of LANDBANK, the leading government financial institution that carries out a development mandate anchored on promoting inclusive economic growth especially in the countryside.

Borromeo has 27 solid years of banking experience. Before her appointment as OIC, she led LANDBANK's Agricultural and Development Lending Sector which spearheads the delivery of financial services for farmers organizations, micro, small and medium enterprises, local government units, GOCCs, corporations, other financial institutions and consumer clients.

Since joining LANDBANK in 1989, Borromeo rose from the ranks and handled various core banking operations. She headed the Bank's Institutional Banking Sector, Treasury and Investment Banking, Account Management, Global Banking, Credit Policy and Supervision, to name some.

Borromeo takes on the helm of LANDBANK with a strong performance base. For the first half of the year, LANDBANK registered P7.4 billion in net income, 3 percent higher than P7.2 billion for the same period last year. This is also 10 percent higher than the Bank's semestral income target of P6.7 billion.

Borromeo said the increase in income was mainly propelled by steady growth in its loan portfolio. Revenues from loans jumped 16 percent as the Bank's gross loan portfolio grew to P490.6 billion from P414 billion in June 2015.

Return on equity as of end-June was at 16.5 percent while net interest margin stood at 3.38 percent, both above latest industry averages.

The Bank's total assets increased significantly by 18 percent to P1.3 trillion from P1.1 trillion in June 2015. Total deposits also grew to P1.1 trillion, up 18 percent from P954.3 billion in June last year. Total capital meanwhile stood at P89.5 billion, 20 percent higher than P74.6 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 362 branches and 1,568 ATMs. These are complemented by 24 Other Banking Offices across the country.

On August 8, LANDBANK will mark its 53rd year of helping its clients and stakeholders grow. 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.

Source: Philippine Information Agency