LandBank H1 income grew 94% to ₧20.3B

State-lender Land Bank of the Philippines reported on Wednesday a 94-percent growth in its net income in the first half of the year, along with double-digit growth in assets and deposits.

The bank said its net income reached P20.3 billion in the first six months of 2022, up from the P10.3 billion in the same period last year.

In a statement, the bank attributed the rise in its net income to “prudent management” of the cost of funds as well as sustained interest income from loans and investments.

LandBank also said its total assets in the first half of the year grew by 11.8 percent to P2.8 trillion, as propelled by deposits amounting to P2.5 trillion, up 10.1 percent year-on-year.

“LandBank’s robust financial performance will continue to drive its intensified assistance to key industries, especially the agriculture sector, in support of the country’s continuing recovery,” LandBank President and CEO Cecilia C. Borromeo said.

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

The government sector continues to account for the bulk of Land Bank’s total deposits at 62 percent or P1.5 trillion, while the private sector comprised the remaining 38 percent share amounting to P930 billion.

LandBank also posted modest capital growth year-on-year at 1.9 percent to P206.5 billion.

The bank’s return on equity was at 15.43 percent, return on assets at 1.19 percent, and net interest margin at 2.92 percent.