MANILA, Philippines - Land Bank of the Philippines reported a 9% increase in net income to P11.7 billion in 2013 from P10.7 billion the previous year.
In a statement, LandBank said this exceeded its full-year target of P10.5 billion by 12%.
The bank's revenues grew 16% to P40.2 billion, driven by growth in investment income and loans. LandBank's regular loan portfolio saw an 11% increase to P303.9 billion in 2013, while investments income went up 10% to P20.4 billion.
The bank's total assets rose 22% to P841.8 billion, while capital funds stood at P72.3 billion. Total deposits surged 30% to P705.9 billion in 2013 from a year-ago.
"LandBank wrapped up another fruitful year with a solid fourth quarter and we are confident about sustained growth this year as we focus on further strengthening core business segments," said LandBank president and CEO Gilda E. Pico.
LandBank's capital adequacy ratio of 20.10% remained well above the regulatory minimum levels. Coverage ratios for gross loans at 3.68%, past due loans at 154.28% and non-performing loans at 159.34% likewise remain higher than the latest industry averages.