MANILA -- The LandBank of the Philippines finished 2015 strong with a net income of P13.3 billion, a 10-percent hike from P12.1 billion in 2014. This translates to a high return on equity of 17.15 percent and exceeds the Bank's 2015 annual target net revenue of P12 billion by 11 percent.
LandBank also registered 14 percent growth in deposits which breached the trillion mark for the first time at P1.05 trillion as of end-2015.
“We started 2016 strong and well-positioned for sustained growth taking off from our solid performance last year,” said LANDBANK President and CEO Gilda Pico.
LandBank total assets also registered significant growth to P1.2 trillion from P1.05 trillion as of December 2014.
Pico attributed the increase in total assets and revenues to higher interest income on loans, which jumped 19 percent on the back of a 16 percent uptick in the Bank's gross loan portfolio to P537 billion from P460.3 billion. Capital meanwhile stood at P80.0 billion, 6 percent higher than the year-ago level of P75.2 billion.
LandBank is the biggest credit provider to small farmers and fishers, and local government units, and the biggest lender to microenterprises and SMEs among government financial institutions.
It is the only Bank present in all of the country's provinces, with its nationwide network of 361 branches and 1,503 ATMs as of December 31, 2015. These are complemented by 24 Other Banking Offices across the country, which allow clients to conduct non-transactional banking activities such as ATM withdrawals, self-service cash deposits, and submission of loan applications, among others.*PNA
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