GOVERNMENT-RUN Land Bank of the Philippines said its net income in the first half of the year reached P7.4 billion, up 3 percent year-on-year and 10 percent higher than its P6.7 billion income target for the period.
LandBank Officer in Charge Cecilia Borromeo said the increase in income “was mainly propelled by steady growth in its loan portfolio.”
For the second quarter, however, net income was 9.4 percent lower year-on-year at P3.26 billion and was also 25.9 percent lower than the P4.14 billion recorded in the previous quarter.
Meanwhile, income from loans jumped 16 percent in the first half as the bank’s gross loan portfolio grew to P490.6 billion at end-June this year from P414 billion in June 2015.
Return on equity as of end-June was at 16.5 percent while net interest margin stood at 3.38 percent, both above the latest industry averages.
The bank’s total assets increased significantly by 18 percent to P1.3 trillion from P1.1 trillion in June 2015.
Total deposits also grew to P1.1 trillion, up 18 percent from P954.3 billion in June last year.
Total capital stood at P89.5 billion, 20 percent higher than the P74.6 billion recorded a year ago.