State-owned Land Bank of the Philippines (LandBank) over the weekend said its net income improved by 11 percent to P10.27 billion from P9.26 billion a year earlier on the back of robust income from loans and investments.
The bank said it also exceeded its third quarter net income target of P9 billion by 14 percent.
LandBank President and Chief Executive Officer Gilda E. Pico noted the bank is on track to exceed its full year target because of the expansion in its lending and investment activities.
“We hope to finish 2015 strong with greater focus on strengthening our core business segments and assisting our mandated and priority sectors. Our efforts are geared towards contributing to the government’s goal of promoting sustainable development and financial inclusion, bringing financial services to underserved and unbanked areas,” Pico said.
The bank’s financial results translate to a 17.54 percent return on equity.
Net interest margin stood at 3.31 percent.
LandBank said lending rose by 21 percent to P441 billion from P362 billion, while investment increased by 11 percent to P304 billion from P274 billion.
Deposits grew by 27 percent to P991 billion from P782 billion.
Total assets reached P1.14 trillion as of end September, up 25 percent from P911 billion. Total capital stood at P77.3 billion.