Economy · August 3, 2022

LandBank H1’s income grew 94% to ₧ 20.3 billion

On Wednesday, the Philippine state bank posted 94% growth in its net income in the first half of the year, along with double-digit growth in assets and deposits.

The bank said its net profit reached £ 20.3 billion in the first six months of 2022, up from £ 10.3 billion in the same period last year.

In a statement, the bank attributed the increase in its net profit to “prudent management” of the cost of funds, as well as interest income borne by loans and investments.

LandBank also said its total assets in the first half of the year grew 11.8% to £ 2.8 trillion, thanks to deposits of £ 2.5 trillion, up 10.1%. every year.

“LandBank’s solid financial performance will continue to drive its intensified assistance to key sectors, especially the agricultural sector, in support of the country’s continued recovery,” said Cecilia C. Borromeo, president and CEO of LandBank.

“We will also build this growth momentum to further our efforts to rebuild local communities, promote financial inclusion and support the national government’s development agenda,” added Borromeo.

The government sector continues to account for the majority of Land Bank’s total deposits at 62% or £ 1.5 trillion, while the private sector comprised the remaining 38% share of £ 930 billion.

LandBank also posted modest year-over-year capital growth of 1.9% to £ 206.5 billion.

The bank’s return on equity was 15.43 percent, the return on assets 1.19 percent, and the net interest margin was 2.92 percent.