January 20, 2018, 4:51 pm
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Landbank net up 8 percent

LANDBANK posted positive growth for the first half of 2017 with a net income of P7.43 billion, which exceeded the Bank’s mid-year target of P6.88 billion by 8 percent.

“We are confident about meeting our full-year target of P13.75 billion, as income from loans and investments remain strong,” Landbank President and CEO Alex V. Buenaventura said.

Revenues from loans rose by 7 percent as the Bank’s gross loan portfolio grew to P597.1 billion from P490.6 billion while income from investments also grew by 9 percent to P9.2 billion from P8.4 billion in the same period last year.

Return on equity as of end-June was at 14.55 percent while net interest margin stood at 3.03 percent, both above latest industry averages. 

Meanwhile, the bank’s total assets grew by 15 percent to P1.5 trillion from P1.3 trillion last year. 

Total deposits likewise jumped 17 percent to P1.32 trillion from P1.13 trillion, while total capital stood at 97.4 billion – a 9 percent hike from the same period last year.

“We continue to double our efforts in strengthening our financial position as we are determined to keep contributing significantly to improving the lives of our priority sectors, especially small farmers and fishers,” Buenaventura added.

Last August 8, Landbank marked its 54thanniversary of helping its clients and stakeholders grow. 

It remains the biggest lender to the agricultural sector, especially small farmers and fishers as well as microenterprises and SMEs.

In line with its anniversary celebration, the bank recognized its outstanding clients and partners at the Gawad sa Pinakatanging Kooperatiba (PITAK), Gawad SME, Gawad Kaagapay, Gawad Countryside Financial Institutions (CFI), and Gawad Micro-Finance Institutions (MFI) awarding ceremonieslast August 14held at the Philippine International Convention Center.  

Landbank will also be holding a series of Financial Inclusion Caravans for the rest of the year,as part of its campaign to promote greater financial inclusion among unbanked and unserved communities, especially in fourth- and fifth-class municipalities. This follows the successful simultaneous run of the pilot nine-municipality caravan across the country in 2016. 
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