LandBank income exceeds P40-B goal

STATE-OWNED Land Bank of the Philippines (LandBank) has exceeded its full-year goal after netting a record P40.3 billion in 2023.

The result, attributed to strong revenues from loans and investments as well as cost-efficiency efforts, was higher than the targeted P35 billion.

LandBank President and Chief Executive Officer Lynette Ortiz, in a statement, said the financial performance last year demonstrated “sound management committed to deliver remarkable results in a thriving economy.”

“We will build on this growth momentum to further drive meaningful investments in advancing inclusive and sustainable development in the country,” she added.

The bank’s assets were said to have inched up by 4.2 percent to P3.3 trillion with deposits rising by 4.5 percent to P2.9 trillion.

Year-end capital increased to P266.8 billion, up 27 percent from P210.6 billion in 2022.

“We look forward to 2024 as another banner year for LandBank, underscoring our commitment to transformative and disruptive digital initiatives,” Ortiz said.

Loans granted to various sectors helped in developing more infrastructure facilities and providing basic services to Filipinos across the Philippines, LandBank said.

Financial ratios were said to have remained healthy, with capital adequacy and common equity tier 1 at 16.35 percent and 15.46 percent, respectively. Return on equity, meanwhile, stood at 16.87 percent, higher than the industry average of 12.15 percent.

“This strong financial base will further enhance support for agriculture, fisheries and rural development, as well as other key development sectors, in line with the bank’s broader thrust of serving the nation,” the bank said.