Land Bank of the Philippines said net income rose 20 percent in 2019, exceeding the bank’s profit guidance of P16.6 billion.
The state-run universal bank said net income reached P18.51 billion in 2019 from P15.48 billion in 2018.
The profit translates into a return on equity of 13.19 percent, which is above the industry average of 10.38 percent as of September 2019.
LandBank’s total assets reached P2.03 trillion last year, up 8 percent from P1.87 trillion in 2018. The increased assets were propelled by deposits amounting to P1.78 trillion, up 8 percent or P127.23 billion year-on-year.
“Reaching this new milestone in assets, including consistent growth in all financial fronts, has made 2019 a banner year for LandBank,” said Land Bank president and chief executive Cecilia Borromeo.
“More importantly, we are banking on this performance to enable us to create a bigger impact in helping the agriculture sector grow this year. We look to build on this momentum to intensify and further expand support to our priority sectors, our small farmers and fishers in the countryside,” she added.