State-owned Land Bank of the Philippines on Wednesday reported a 3.41 percent increase in its net income in 2014 to P12.1 billion from P11.7 billion in 2013. Its return on equity was 16.4 percent.
The bank said treasury earnings rebounded in the last three months of the year after a slow growth for the first nine months of the year against comparatively exceptional gains in 2013.
“We beefed up core lending segments and strengthened non-traditional businesses,” said LandBank President and Chief Executive Officer Gilda Pico.
The bank also capped 2014 on a high note with P1.051 trillion in assets, a 25 percent increase from P841.8 billion in 2013.
LandBank said the increase in its total resources was largely driven by the net loan portfolio which grew by 47 percent to P449.0 billion, and a 32 percent expansion in investments from P240.8 billion in 2013 to P317.2 billion in 2014.
Total deposits also registered significant growth to P914.2 billion, 30 percent higher than P705.9 billion in 2013 while total capital grew by 4 percent to P75.2 billion.
Meanwhile, the bank’s Basel III capital adequacy ratio is at 14.5 percent while coverage ratio for non-performing loans is at 164.2 percent.
LandBank is the biggest credit provider to small farmers and fishers, local governments, and the biggest lender to microenterprises and small and medium enterprises among government financial institutions.
It is the only bank present in all of the country’s provinces, with its nationwide network of 351 branches and 1,338 automated teller machine units as of end-December 2014.