LandBank net income up 11% in Q1

MANILA: State-run Land Bank of the Philippines (LandBank) said its net income rose by 11 percent in the first quarter of the year on the back of increased interest income from loans. In a statement on Tuesday, LandBank said net income during the period amounted to PHP12 billion from PHP10.8 billion a year ago. The bank said the net income during the period also exceeded the PHP11.3 billion target by 6 percent. LandBank's total assets grew by 5 percent to PHP3.3 trillion on the back of the robust expansion in loans. Deposit base also expanded by 4 percent to PHP2.9 trillion due to the increase in government and private deposits. The bank's gross loan portfolio grew by 25 percent to PHP1.5 trillion due to the growth in treasury and commercial loans, primarily channeled towards agribusiness, energy, affordable mass housing, and infrastructure projects. LandBank earlier remitted PHP32.119 billion in cash dividends to the national government to support the country's infrastructure projects and socio-economic programs. 'LandBank's unprecedented contribution to the government's coffers underscores our unwavering commitment to nation-building. We look forward to further advancing the country's growth trajectory by providing ample funding for priority infrastructure projects and socioeconomic programs,' LandBank president and chief executive officer Lynette Ortiz said. Source: Philippines News Agency