State-run Land Bank of the Philippines said Monday net income in the first nine months jumped 54 percent to P25.69 billion from P16.7 billion a year ago on the strength of core businesses.
It said the increase in net income stemmed from higher interest earnings from loans and investments, boosted by gains from foreign exchange and non-recurring miscellaneous income.
This pushed LandBank closer to meeting its 2022 full-year net income target of P25.71 billion.
LandBank president and chief executive Cecilia Borromeo said the sustained earnings and solid capital base of the bank kept it in a prime position for sustainable growth, which extends to the development sectors that it serves.
“We will continue to direct our robust loan portfolio to drive support for agriculture alongside other key industries,” she said.
Total assets grew 8 percent to P2.8 trillion from P2.6 trillion a year ago, propelled by deposits amounting to P2.4 trillion. Julito G. Rada