LAND BANK of the Philippines (LANDBANK) posted a record- high net income of P40.3 billion in 2023, surpassing its P35-billion target.
“The robust financial performance was fueled by strong revenues from loans and investments alongside prudent cost management,” LANDBANK said in a statement on Thursday.
“LANDBANK’s strong financial performance in 2023 exemplifies sound management committed to deliver remarkable results in a thriving economy. We will build on this growth momentum to further drive meaningful invest-ments in advancing inclusive and sustainable development in the country,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.
The lender’s 2023 earnings translated to a return on equity of 16.87%.
Its financial statement was not available as of press time.
Deposits rose by 4.5% year on year to P2.9 trillion in 2023.
Its capital grew by 27% year on year to P266.8 billion from P210.6 billion on the back of its profitability.
LANDBANK’s capital adequacy ratio stood at 16.35% and its common equity Tier 1 ratio was at 15.46%.
“This strong financial base will further enhance support for agriculture, fisheries and rural development, as well as other key development sectors, in line with the bank’s broader thrust of serving the nation,” the lender said.
The bank’s assets went up by 4.2% to P3.3 trillion last year, driven by income from loans and investments.
For this year, Ms. Ortiz earlier said the bank targets to grow its net income by at least 10-12%.
“We look forward to 2024 as another banner year for LANDBANK, underscoring our commitment to transformative and disruptive digital initiatives. This momentum gives us much optimism towards reaching new milestones in expanding financial inclusion nationwide,” she said on Thursday.
The bank said Finance Secretary and LANDBANK Chairman Ralph G. Recto, in a recent meeting with its management, pledged support for its strategic initiatives for this year for national development lending, treasury and in-vestment, digital banking, and cybersecurity, among others. — AMCS