Landbank posts record profits in 2008

ABS-CBN News

Posted at Feb 06 2009 05:10 PM | Updated as of Feb 07 2009 01:10 AM

State-owned Land Bank of the Philippines (Landbank) hit a record net income of P5.02 billion in 2008 due largely to higher revenues generated from its investments, it said in a statement.

Last year's earnings were 19 percent or P800 million higher than the 2007 income of P4.21 billion.

Landbank said it saw a significant rise in its investments, which surged 30 percent to P12.02 billion from P9.25 billion.

Income from loans, meanwhile, rose 9 percent to P12.32 billion. The bank noted that its net loan portfolio expanded by 26 percent to P208.9 billion last year.

"Landbank's high scores in its core performance indicators were more pronounced amidst the softening in profits of the commercial banking industry," said bank president and chief executive Gilda Pico.

"The bank’s focus was clearly reflected in its expansion in loans to the priority sectors, profitability, growth in deposits and assets, and improvement in loan quality," she added.

Landbank said it aggressively financed developmental programs in the rural areas and prioritized lending to farmers and fisherfolk, micro, small and medium enterprises and agribusiness, among others.