Landbank Q1 profit up 11%, exceeding target
LAND BANK of the Philippines’ (LANDBANK) net income went up by 11% to P12 billion in January to March from a year earlier, backed by increased interest income from loans.
The earnings results exceeded the state lender’s target by 6%, it said in a statement on Tuesday.
It did not provide a copy of its financial statement.
LANDBANK’s gross loan portfolio rose by a quarter to P1.5 trillion, spurred by the growth in Treasury and commercial loans primarily to agribusiness, energy, affordable mass housing and infrastructure projects.
Deposits grew by 4% to P2.9 trillion due to increased government and private deposits, it said. Total assets expanded by 5% to P3.3 trillion, driven by the robust loan expansion.
The bank remitted a record P32.119 billion in cash dividends to the National Government. LANDBANK said it paid the dividends to the Bureau of the Treasury (BTr) on April 30.
“The solid performance of LANDBANK in 2023 yielded a record-breaking dividend contribution, which will significantly support our people’s growing needs and further stimulate the country’s economic growth,” Finance Secretary and LANDBANK Chairman Ralph G. Recto said in the statement.
“This unprecedented amount demonstrates the fiscal discipline that we have instilled in LANDBANK. LANDBANK’s unprecedented contribution to the government’s coffers underscores our unwavering commitment to nation-building,” he added.
The lender would provide “ample funding” for the state’s priority infrastructure projects and socioeconomic programs, LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in the same statement.
She added that the bank would also provide loans to the agriculture sector and other key industries. — Aaron Michael C. Sy