MANILA, Philippines - State-run Land Bank of the Philippines said Thursday its first-half net income reached a record high, owing to strong loan growth and cost efficiency.
In a statement, Landbank said its net income rose 20% in January to June this year to P5.52 billion from P4.6 billion in the same period last year.
Landbank president and CEO Gilda Pico said this was due to "revenues from loans and investments, and effective management of operating costs."
"We continuously strive to improve our performance as we are determined to keep contributing significantly to improving the lives of small farmers and fisherfolk, SMEs and microenterprises, and other priority sectors of the Bank," she added.
Landbank's regular loans increased 19% to P237.9 billion during the period, while deposits went up 17% to P479.8 billion.
As of end-June, the bank's capital adequacy ratio was 18.2%, well above the industry's minimum requirement of 10%.