EARNINGS: Loans, investment incomes boost Landbank profits

Higher income from loans and investments bolstered the growth of Land Bank of the Philippines (Landbank), as it registered a net income of P2.77 billion in the first quarter of the year, up 10 percent from the same period a year earlier. The bank's return on equity reached 19.2 percent in the January-March period, while its capital adequacy ratio expanded to 17.7 percent, both reflecting better numbers than the regulatory requirement of 10 percent Its outstanding loans, meanwhile, grew by 14 percent to P241.1 billion in March, while its investments portfolio posted a 2-percent growth at P209.8 billion. Deposits, on the other hand, saw a substantial growth of 18 percent to reach P480.9 billion, or P73.1 billion more than the year earlier numbers. Both the bank's assets and capital increased by 16 percent, settling at P604.1 billion and P58 billion, respectively. Gilda Pico, Landbank president and CEO, said the bank's first-quarter growth would enable it to lend more money. “The sustained increase in net income enables Landbank to continue providing credit support to priority sectors, particularly the farmers and fisherfolk cooperatives, micro enterprises and SMEs," Pico said. As of last year, Landbank recorded a network of 325 branches and 885 automated teller machines nationwide. — JM Tuazon/VS, GMA News