State-run Land Bank of the Philippines said Wednesday net income in the first nine months jumped 21.2 percent to P16.72 billion from P13.8 billion a year ago, on the strength of core businesses.
LandBank said in a statement lower cost of funds and provision for losses helped it turn in a better performance for the period. This put it on track to meet its 2021 net income target of P19.68 billion.
“LandBank has shown remarkable resilience against the economic shocks of the pandemic. As we continue to exceed our yearend targets in total assets and deposits, we are optimistic that the bank’s overall financial performance will keep in step with the country’s continuing recovery,” LandBank president and chief executive Cecilia Borromeo said.
Total assets went up 13.6 percent to P2.564 trillion as of end-September from P2.257 trillion a year ago, propelled by deposits which expanded 14.7 percent to P2.267 trillion.