State-owned LandBank of the Philippines recorded an P8.5-billion net income for the first semester of 2013.
In a statement, the bank said that its net income rose by 49 percent, exceeding its mid-year target by 62 percent.
“This represents a return on equity of 17.6 percent, much higher than the latest industry average,” it stated.
Gilda Pico, LandBank president and chief executive officer, attributed the significant growth to sustained revenues from investments and loans. Trading gains also contributed a significant percentage to the bank’s gross revenues.
“We welcome our 50th year poised for aggressive growth, as we draw inspiration from the gains made in our operations to further intensify our commitment towards serving our priority sectors better and promoting inclusive growth,” Pico said.
Meanwhile, the bank’s capital reached P74.5 billion while assets grew to P681.1 billion from P599.2 billion of the same period last year.
Deposits also expanded to P542.8 billion from P461.9 billion in June 2012. Total investments were recorded at P267.7 billion while the bank’s regular loan portfolio stood at P273.7 billion.