PNA file photo
MANILA – State-owned Land Bank of the Philippines (Landbank) reported a 2.7-percent increase in net income for the first half of the year.
In a statement on Wednesday, Landbank said its net income during the period reached PHP20.9 billion, up from the PHP20.3 billion in the first half of 2022.
The net income during the first half also exceeded the bank's target by PHP3.3 billion.
Landbank attributed the increase in its net income to the growth in earnings from loans and investments which went up by 49.8 percent and 43.5 percent, respectively.
The bank's total assets also grew by 7.9 percent to PHP3 trillion from PHP2.8 trillion a year ago, driven by the 9.2 percent expansion of deposits which amounted to PHP2.7 trillion.
Landbank's capital also rose by 14.4 percent to PHP236.3 billion.
The bank's return on equity settled at 13.82 percent.
“We are very much on track in meeting our financial targets for the year, as income from loans and investments continue to expand," Landbank president and chief executive officer Lynette Ortiz said. (PNA)
