Land Bank of the Philippines said Wednesday net profit hit P20.9 billion in the first half, exceeding its target for the period by 19 percent or P3.3 billion.
LandBank said in a statement the six-month income was 2.7 percent higher than P20.3 billion it earned a year ago and represented almost 60 percent of its P35-billion full-year target.
“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 Lynette Ortiz said.
“LandBank is in a prime position to sustain our intensified support to the agriculture sector and other key industries,” she said.
The bank attributed the net income growth in the first semester to earnings from loans and investments, which increased by 49.8 percent and 43.5 percent, respectively.