Land Bank of the Philippines recorded a 2.7% increase in net income for the first half of the year, totaling P20.9 billion compared to P20.3 billion in the same period last year. This growth can be attributed to higher earnings from loans and investments.
The bank’s net income for January-June 2023 also surpassed its target of P17.6 billion by 19%.
By the end of June, Landbank had already achieved three-fifths of its full-year goal of P35 billion.
“We are on track to meet our financial targets for the year as income from loans and investments continue to expand,” said Landbank President and CEO Lynette V. Ortiz.
Ortiz also mentioned that Landbank’s strong performance positions the bank to provide increased support to the agriculture sector and other key industries.
During the first half of the year, Landbank saw a 49.8% increase in earnings from loans and a 43.5% surge in earnings from investments.
As of the end of June, Landbank’s total assets reached P3 trillion, a 7.9% increase from the previous year, driven by a 9.2% rise in deposits to P2.7 trillion.
Landbank’s capital also grew by 14.4% to P236.3 billion from P206.5 billion.
Additionally, the bank’s return on equity remains at a steady 13.82%.
Fitch Ratings recently upgraded its outlook for Landbank from “negative” to “stable” and affirmed the bank’s long-term issuer default rating (IDR) at “BBB.” The agency attributed this revision to the improved confidence in the Philippines’ medium-term growth and the government’s efforts to reduce debt-to-GDP ratio.
Fitch Ratings noted that Landbank’s strategic role, 100% state ownership, and systemic importance as the largest state-owned bank in the country contributed to its positive rating.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
