Landbank net income up 93.5 percent to P20.3 billion in first half of 2022

ABS-CBN News

Posted at Aug 03 2022 01:52 PM | Updated as of Aug 03 2022 02:04 PM

MANILA - Land Bank of the Philippines on Wednesday said its net income grew 93.5 percent to P20.3 billion in the first half of 2022 from P10.3. billion the previous year.

In a statement, the state-run lender said the double-digit increase was attributed to the rise in assets and deposits, prudent management of costs and income of loans and investments.

Its total assets grew 11.8 percent to P2.8 trillion in the period. Deposits reached P2.5 trillion, up 10.1 percent, the bank said.

“LANDBANK’s robust financial performance will continue to drive its intensified assistance to key industries, especially the agriculture sector, in support of the country’s continuing recovery," its president and CEO Cecilia Borromeo said.

"We will also build on this growth momentum to further our efforts to rebuild local communities, advance financial inclusion, and support the National Government’s development agenda,” she added.

The Landbank is the second largest bank in the country in terms of asset as of March 2022, according to the record of the Bangko Sentral ng Pilipinas.