STATE-OWNED Land Bank of the Philippines said it is on track to meet its full-year income target of P13.5 billion, on the back of steady growth for the first nine months of the year.
In a statement on Friday, LandBank said its net income for the period stood at P10.3 billion, which exceeds by 2 percent its year-to-date target of P10.13 billion.
The bank said return on equity was at 15.8 percent while net interest margin stood at 3.14 percent.
Total assets grew by a hefty 17 percent to P1.3 trillion from P1.1 trillion in the same period last year, buoyed by growth in loans and investments.
LandBank’s gross loan portfolio grew 9 percent to P481.9 billion from P441.1 billion, while investments grew 55 percent to P471.9 billion from P303.6 billion a year ago.
New LandBank President and Chief Executive Officer Alex Buenaventura, who assumed his post last November 11, says this puts the bank in a good position to further expand its services, reach, and support especially to farmers and fishers, microenterprises, and small and medium enterprises (SMEs).
“This will be our priority moving forward, as we strive to keep the balance of maintaining our financial viability and fulfilling our development mandate,” he added.
As of September 2016, the bank’s total deposits reached P1.2 trillion, up 18 percent from the year-ago level of P991.3 billion. Total capital meanwhile stood at P91.1 billion, 18 percent higher than P77.3 billion for the same period last year.
LandBank has a nationwide network of 365 branches and 1,607 automated teller machines, and 27 other banking offices across the country.
The bank said it remains the biggest credit provider to small farmers and fishers, and local government units, and is the largest lender to microenterprises and SMEs among government financial institutions.