MANILA, Philippines - Land Bank of the Philippines said it is on track to meet its full-year profit target of P12 billion.
This despite LandBank reporting a 29 percent drop in net income to P6 billion in the first six months of 2014, from P8.5 billion a year ago.
"The decrease in our net income is due primarily to lower trading gains as brought about by unfavourable market conditions, which is prevalent among the country’s largest lenders. We still managed to surpass the year-to-date target net revenue by 5 percent and remain on track to meet our year-end target net income," LandBank President and CEO Gilda E. Pico said.
LandBank said its Basel III Capital Adequacy Ratio also remains strong at 15.5 percent.
In the first half, the bank's total assets jumped 38 percent to P942 billion. Total deposits surged 49 percent to P808.4 billion, while total capital stood at P70.4 billion.
At present, LandBank has a nationwide network of 345 branches and 1,272 ATMs.