The Land Bank of the Philippines (Landbank) posted a net income of P25.69 billion in the first three quarters of 2022, for a 54 percent growth from P16.7 billion year-on-year.
The increase in net income was driven by higher interest earnings from loans and investments, boosted by gains from foreign exchange and non-recurring miscellaneous income. This also pushes the bank closer to meeting its 2022 full-year net income target of P25.71 billion.
Landbank’s total assets likewise grew to P2.8 trillion or 8 percent higher than the P2.6 trillion a year ago. This was propelled by deposits amounting to P2.4 trillion, mainly due to deposits from private individuals, local government units (LGUs) and national government agencies.
Meanwhile, the bank’s capital stood at P204.4 billion as of 30 September 2022. Financial ratios also remain at healthy levels, with return on equity at 14.89 percent, return on assets at 1.15 percent, and net interest margin at 3.1 percent.
Landbank’s sound financial position is furthering its capacity to extend financial support to development sectors, as part of its broader thrust of serving the nation.
