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LANDBANK posts double-digit growth in assets, deposits in 2016
Wednesday, February 22, 2017
The Land Bank of the Philippines capped 2016 with strong results as it reported double-digit growth in assets and deposits and sustained increase in net income.
LANDBANK’s assets reached P1.4 trillion as of year-end 2016, up 17% from P1.2 trillion in 2015. This was primarily driven by 18% growth in deposits which rose to P1.24 trillion from P1.05 trillion on the back of significant increase in private deposits.
The Bank attained a net income of P13.6 billion, up by 2 percent from P13.3 billion in 2015. This translates to a return on equity of 16.4% which is significantly above the latest industry average of 9.97% (September 2016). Capital meanwhile grew by 7% to P85.4 billion from P80.0 billion in 2015.
“We are grateful to close the year with a strong and solid performance which enables us to further expand our services, reach and support to our mandated and priority sectors, particularly the farmers and fishers,” said LANDBANK president and CEO Alex V. Buenaventura who assumed his post in November 2016.
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.
In 2016, it was named Best Agribusiness Bank in the Philippines by London-based Global Banking & Finance Review Magazine for its financing programs that contribute to improving agricultural productivity as well as for its initiatives to promote financial inclusion.