State-run Land Bank of the Philippines posted a net income of P31.85 billion in the first three quarters, the highest since it first breached the P30-billion mark at the end of 2022.
LandBank said in a statement over the weekend the nine-month net income climbed 24 percent from P25.7 billion in the same period in 2022.
It also exceeded its target of P26.3 billion for the first three quarters by P5.6 billion, and represented 90.9 percent of the P35-billion full-year target.
“The unprecedented income was driven by the aggressive expansion of our developmental loan portfolio, coupled with robust yields from loans and investments,” LandBank president and chief executive Lynette Ortiz said.
“We have likewise been prudent and disciplined with managing our expenses to maximize gains. We will ensure that our solid balance sheet continues to translate to substantial and meaningful support to the sectors we serve,” she said.
The bank generated P91.15 billion interest income from loans and investments, 35.9 percent higher than last year’s.
Total assets jumped 11.5 percent to P3.1 trillion from P2.8 trillion, propelled by the 12.8-percent year-on-year expansion of deposits to P2.7 trillion.
Capital rose by 21.9 percent to P249.2 billion from P204.4 billion in 2022, exceeding the full-year target of P243.8 billion for 2023.
Financial ratios remained at healthy levels, with capital adequacy ratio (CAR) at 16.15 percent and common equity tier 1 (CET 1) at 15.30 percent, both above the minimum requirements of the Bangko Sentral ng Pilipinas.
Return on equity stood at 15.97 percent, higher than the industry average at 13.0 percent as of June 2023.