The Land Bank of the Philippines registered a P10.4-billion net income for the third quarter of the year, a 36-percent increase from its year-ago level of P7.6 billion.
LandBank in a statement said that its nine-month net income translates to a return on equity of 17.44 percent.
Driving the bank’s profits for the period was the P8-billion growth in investment income which reached P19 billion, primarily driven by active trading activities that resulted in revenues of P9.4 billion for the first three quarters of the year.
Deposits also grew by P103.8 billion, which helped sustain growth in loans that contributed to gross revenues.
“We are well ahead of our P7.9-billion third-quarter target and are well-positioned for continued growth as we further beef up our core business segments,” said Gilda Pico, LandBank president and chief executive officer.
The bank’s total investments, on the other hand, grew to P258.4 billion as of end-September 2013 from 231.8 billion of the same period last year, while its regular loan portfolio stood at P280 billion. Capital funds inched up to P74.2 billion from P73 billion in September 2012.
Total assets grew by 16 percent to P731.8 billion from P629.2 billion in September 2012, while total deposits reached P593.3 billion—a 21-percent hike from P489.5 billion of the same period last year.
LandBank said that its 21.46-percent capital adequacy ratio remained well above the regulatory minimum levels, indicating the bank’s capability to withstand major risk scenarios.