The Land Bank of the Philippines will attain P15.5 billion in net income in 2018 as it closed the year with a robust performance.
Based on unaudited figures, the Bank’s net income grew by 10 percent from P14.1 billion in 2017. “We achieved exceptional performance in 2018 with our net loan portfolio expanding significantly by 37% or more than P220 billion to reach P840 billion,” LANDBANK president and CEO Alex Buenaventura said.
“We are pleased to have improved on our net income performance in 2018 as we continued to expand support to our priority sectors, especially the farmers and fishers, cooperatives, agribusiness, SMEs and LGUs,” said Buenaventura.
He explained that the Bank’s net income could have been higher due to the significant growth in loans. “However, we incurred a significant increase in manpower cost last year because of the implementation of the Salary Standardization Law which affected our income.” LANDBANK’s deposit base grew significantly by 17% to reach P1.66 trillion from P1.42 trillion as government and private sector deposits increased. Capital also increased by 26% to P131.62 billion from P104.6 billion.