State-run Land Bank of the Philippines posted a 38.2-percent increase in net income in 2022 to P30.1 billion from P21.7 billion in 2021 and surpassed by almost P5 billion its full-year target of P25.7 billion.
LandBank president and chief executive Cecilia Borromeo said in a statement over the weekend the bank also breached the P30-billion mark in total net income for the first time, driven by the substantial interest income from loans and investments, alongside earnings from fees, commissions and foreign exchange, among other income sources.
“LandBank’s strong performance in 2022 represents another milestone year, with a solid balance sheet that continues to overcome external headwinds and yield sustainable growth,” Borromeo said.
“We look forward to a more favorable economic environment this year, as we take on a more prominent role in nation-building as a development institution,” she said.
Assets posted a double-digit expansion of 21.5 percent to P3.1 trillion from P2.6 trillion. The increase was driven by deposits, expanding by 21.8 percent to P2.8 trillion from P2.3 trillion in 2021. Julito G. Rada