LANDBANK reports strong Q3, ranks second in deposits and third in assets

Thursday, November 22, 2018

Government-owned Land Bank of the Philippines reported strong third quarter results, with 20% hike in total assets from P1.48 trillion to P1.77 trillion as of September 2018. Deposits likewise rose by 20% to P1.57 trillion from P1.31 trillion, fuelled by steady increase in both private and government deposits.

This makes LANDBANK the country’s third largest universal bank in terms of assets and second in terms of deposits in the ranking of solo/parent companies.

The Bank’s net income as of end-September 2018 further grew by 9% to P11.4 billion from P10.5 billion for the same period last year. This translates to a Return on Equity of 13.15%, which remains above the latest industry average.

LANDBANK President and CEO Alex V. Buenaventura attributed the increase in revenue and total assets to higher interest income on loans, which jumped 35% as the Bank’s gross loan portfolio surged by 37% to P838.7 billion. 

The Bank’s capital likewise registered substantial growth at P124.9 billion, up by 22.6% from P101.9 billion in September 2017.

“We are happy about LANDBANK’s steady growth and solid ranking among the country’s top banks. We are optimistic about capping 2018 on a high note, as income from loans and investments remains strong. This allows us to continue to channel greater financial assistance to our priority sectors, foremost to our farmers and fishers, microenterprises and SMEs, agribusiness and other development players,” said Buenaventura.

LANDBANK is the only Bank present in all 81 provinces of the country and is considered the largest provider of loans to small farmers and fishers, cooperatives, MSMEs, and local government units.