Land Bank of the Philippines said Wednesday net income in the first half jumped 94 percent to P20.3 billion from P10.3 billion a year ago, alongside double-digit increases in assets and deposits.
Bank president and chief executive Cecilia Borromeo attributed the bank’s substantial expansion in net income to prudent management of the cost of funds as well as sustained interest income from loans and investments.
“LandBank’s robust financial performance will continue to drive its intensified assistance to key industries, especially the agriculture sector, in support of the country’s continuing recovery,” Borromeo said in a statement.
“We will also build on this growth momentum to further our efforts to rebuild local communities, advance financial inclusion, and support the national government’s development agenda,” she said.
Total assets in the first half rose 11.8 percent year on year to P2.8 trillion, further solidifying its ranking as the second-largest bank in the country. The higher assets were propelled by deposits of P2.5 trillion, up 10.1 percent year-on-year.