The Land Bank of the Philippines (LANDBANK) recorded a net income growth of 93.5% to P20.3 billion in the first half of 2022 from P10.3 billion a year ago, alongside double- digit increases in assets and deposits.
LANDBANK’s substantial expansion in net income is attributed to its prudent management of the cost of funds as well as sustained interest income from loans and investments.
“LANDBANK’s robust financial performance will continue to drive its intensified assistance to key industries, especially the agriculture sector, in support of the country’s continuing recovery. We will also build on this growth momentum to further our efforts to rebuild local communities, advance financial inclusion, and support the National Government’s development agenda,” said LANDBANK President and CEO Cecilia C. Borromeo.
LANDBANK’s total assets in the first half of the year grew by 11.8% to P2.8 trillion, further solidifying its ranking as the second-largest bank in the country. This was propelled by deposits amounting to P2.5 trillion, up 10.1% year-on-year.
The government sector continues to account for the bulk of LANDBANK’s total deposits at 62% or P1.5 trillion, while the private sector comprised the remaining 38% share amounting to P930 billion.
LANDBANK posted modest capital growth year-on-year at 1.9% to P206.5 billion, primarily due to the 93.5% surge in net income for the six-month period ended 30 June 2022.
The Bank’s financial ratios remain at healthy levels, with return on equity at 15.43%, return on assets at 1.19%, and net interest margin at 2.92%.
Through the years, LANDBANK has grown into one of the leading universal banks in the country, while remaining faithful to its social mandate to promote inclusive and sustainable development.
On 8 August 2022, the state-run Bank will mark its 59th anniversary, representing almost six decades of service to the nation.