MANILA, May 18 (PNA) — The Land Bank of the Philippines started 2015 with strong first quarter net income of Php3.6 billion, 24 percent increase from the Php2.9 billion registered in the same period last year.
The net income in January to March 2015 even exceeded by 13 percent the Php 3.12 b target income for the same quarter last year.
Return on equity for the three-month period was at 18.25 percent while net interest margin stood at 3.32 percent, both above the latest industry averages.
LandBank President and CEO Gilda E. Pico cited the substantial increase in income from loans and investments as key drivers for the Bank’s solid first quarter performance.
Interest income on loans jumped 19 percent as the Bank’s gross loan portfolio grew to Php398 billion from Php353.1 billion in March 2014.
Meanwhile, income from investments in financial assets grew by 68 percent to Php4.7 billion from Php2.8 billion in the same period last year.
“We are on track to maintain this momentum and meet our full year targets, as we continue to manage our risk portfolios and grow both traditional and non-traditional revenue sources,” said Pico.
LandBank’s total assets also grew by 20 percent to Php1.05 trillion from Php873.7 billion in March 2014.
Total deposits rose to Php911.4 billion, up by 24 percent from Php733.8 billion in the same period last year, while capital expanded by 7 percent to Php72.5 billion.
Pico said the Bank’s steady profitability allows it to continuously strengthen its development financing programs. It remains the biggest credit provider to small farmers and fishers, local government units, and is the biggest lender to micro-enterprises and small and medium enterprises (SMEs) among government financial institutions.
LandBank is also the only bank present in all of the country’s provinces with a nationwide network of 352 branches and 1,371 ATMs. (PNA)