LandBank net income up 94% in H1 2022

Land Bank of the Philippines (LandBank) net income increased 94% in the first half of the year.

In a statement, the bank said its net profit rose to 20.3 billion pesos in the first half of 2022 from 10.3 billion pesos in the same period a year earlier.

Due to careful management of the cost of capital and steady interest income from loans and investments, LandBank’s net income has increased significantly.

LandBank’s total assets in the first half of the year rose 11.8% to 2.8 trillion pesos, further strengthening its ranking as the second largest bank in the country.

The bank also recorded deposits amounting to 2.5 trillion pesos, up 10.1% year-on-year.

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Most of LandBank’s total deposits at 62% or 1.5 trillion pesos continue to come from the public sector.

The remaining 38%, or 930 billion pesos, came from the private sector.

LandBank posted modest year-on-year capital growth of 1.9% to 206.5 billion pesos.

The bank attributed the increase to the 93.5% rise in net income for the six-month period ended June 30, 2022.

The bank’s return on equity (15.43%), return on assets (1.19%) and net interest margin (2.92%) all remain at “healthy levels”.

LandBank has grown over time to become one of the country’s leading universal banks while maintaining its social mission of supporting inclusive and sustainable development.

“LandBank’s strong financial performance will continue to drive its intensified assistance to key industries, particularly the agricultural sector, in support of the country’s continued recovery,” said LandBank President and CEO Cecilia Borromeo.

“We will also build on this growth momentum to continue our efforts to rebuild local communities, advance financial inclusion and support the national government’s development agenda,” Borromeo added.