The year 2019 turned out to be a landmark year for the Land Bank of the Philippines (Landbank) as it breached the P2 trillion mark in assets—a new record for the state-owned universal Bank.
Landbank posted total assets of P2.03 trillion last year, up by 8 percent or P157.2 bilion from 2018.
This was propelled by deposits amounting to P1.78 trillion which recorded an uptick of 8 percent or P127.23 billion year-on-year.
Likewise, the bank’s net income also grew by 20 percent to P18.51 billion from P15.48 billion.
This translates to a return on equity of 13.19 percent which is above the industry average of 10.38 percent as of September 2019.
Meanwhile, capital significantly rose to P149 billion, 13 percent or P17.38 billion more than the P131.62 billion posted in 2018.
“Reaching this new milestone in assets, including consistent growth in all financial fronts, has made 2019 a banner year for Landbank. 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 tointensifyand further expand support to our priority sectors,our small farmers and fishers in the countryside,” Landbank President and CEO Cecilia Borromeo said.
Landbank is the biggest credit provider to small farmers and fishers, and local government units, and the biggest lender to microenterprises and SMEs among government financial institutions.
Meanwhile, Landbank is selling to the general investing public the Bureau of Treasury’s (BTr) 23rdtranche of the Retail Treasury Bonds (RTB23), aligned with the National Government’s goal of promoting financial inclusion and literacy in the country.
Interested investors may purchase RTB 23 with a minimum investment of only P5,000 and in integral multiples thereafter, with an annual fixed interest rate of 4.375 percent within a 3-year term. The public offer period is currently ongoing until February 6, 2020.
Borromeo expressed optimism in drawing a warm public reception for RTB 23, following the highly successful run of RTB 22 and the Premyo Bonds last year.