Land Bank of the Philippines posted P14.05 billion in net income for 2017, 4% higher than the P13.58 billion net income in 2016.
Core revenues increased at double-digit rates. Income on loans rose by 12% to P26.8 billion in 2017 from P23.9B in 2016 as gross loan portfolio surged by 30% to P674.3 billion. Income from investments also expanded by a hefty 28% to P21.17 billion in 2017 from P16.49 billion in 2016. Investments portfolio increased significantly by 25% to P580.65 billion in 2017.
Return on equity in 2017 was at a high 14.8%. Landbank’s total capital expanded by 23% to P104.59 billion.
“With our solid performance in 2017 further reinforcing the Bank’s foundation, we are confident with sustaining growth in 2018. Our core objective is to continuously grow the net income in order to expand support to our priority sectors, especially the farmers and fishers, cooperatives, microenterprises and SMEs,” said Landbank President and CEO Alex V. Buenaventura.
Landbank’s deposit base grew significantly by 15% or P189 billion to reach P1.42 trillion as government and private sector deposits increased. During the year, the Bank added new branches and ATMs and expanded the enrollment of its internet banking and mobile banking subscribers.
Landbank is the largest provider of loans to small farmers and fishers, cooperatives and local government units.