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State-run Land Bank of the Philippines, the fourth-largest lender in terms of assets, said net income in the first half jumped 36 percent to P10.58 billion from P7.79 billion a year ago, driven mainly by the aggressive expansion of its loan portfolio.
The bank said in a statement Friday the first-half net profit was 27 percent higher than the semestral target of P8.32 billion.
Return on equity during the six-month period was at a healthy 14.10 percent, while net interest margin stood at 3.53 percent, both above latest industry averages.
Driving the bank’s profits during the period was the substantial increase in income from loans, which jumped 60 percent due to higher yield and growth in its gross loan portfolio.