The Land Bank of the Philippines said its net income grew by 10 percent to P13.3 billion last year, with deposits breaching the P1-trillion mark.
In a statement Tuesday, the state-owned lender said net 2015 income translated to a 17.15-percent return-on-equity.
The lender’s registered deposits expanded by 14 percent at P1.05 trillion, breaching the trillion-peso mark for the first time.
“We started 2016 strong and well-positioned for sustained growth, taking off from our solid performance last year,” said LandBank President and Chief Executive Officer Gilda Pico.
Total assets grew by 14 percent to P1.2 trillion from P1.05 trillion as of end-December 2014.
Pico attributed the increase in total assets and revenues to higher interest income on loans, which jumped by 19 percent on the back of a 16-percent uptick in the bank’s gross loan portfolio to P537 billion from P460.3 billion.
LandBank’s capital stood at P80.0 billion, up 6 percent P75.2 billion.
The bank claimed it is the biggest creditor to small farmers and fishers and local governments, and the biggest lender to microenterprises, and small and medium enterprises compared with other government financial institutions.
As of end-December 2015, the lender has 361 branches and 1,503 automated teller machines (ATMs) that are complemented by 24 other banking offices across the country.
Other banking offices allow clients to go for non-transactional banking activities such as ATM withdrawals, self-service cash deposits, and submission of loan applications.