State-run Land Bank of the Philippines, the third-largest lender in terms of assets, said Thursday net income rose 4 percent in 2017 to P14.05 billion from P13.58 billion in 2016, on the strength of core businesses.
Core revenues increased at double-digit rates, with income on loans growing 12 percent to P26.8 billion from P23.9 billion in 2016. Gross loan portfolio surged 30 percent to P674.3 billion.
Income from investments also expanded 28 percent to P21.17 billion in 2017 from P16.49 billion in 2016. Investments portfolio increased 25 percent to P580.65 billion in 2017.
“With our solid performance in 2017 further reinforcing the bank’s foundation, we are confident with sustaining growth in 2018,” LandBank president and chief executive Alex Buenaventura said in a statement.
“Our core objective is to continuously grow the net income in order to expand support to our priority sectors, especially the farmers and fishers, cooperatives, microenterprises and SMEs,” he said.
Return on equity in 2017 was at a high 14.8 percent. Total capital climbed 23 percent to P104.59 billion.
Deposit base grew 15 percent or P189 billion to reach P1.42 trillion, as both government and private sector deposits increased.
The bank added new branches and ATMs and expanded the enrollment of its internet banking and mobile banking subscribers last year.
LandBank is the largest provider of loans to small farmers and fishers, cooperatives and local government units.