Landbank net income climbs in first 9 months of 2023 | ABS-CBN

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Landbank net income climbs in first 9 months of 2023

Landbank net income climbs in first 9 months of 2023

ABS-CBN News

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MANILA -- State-owned Landbank said its net income climbed 24 percent to P31.85 billion in the first 9 months of 2023, from the P25.7 billion it registered in the same period in 2022.

The lender said these figures exceed the state-run Bank’s target of P26.3 billion for the first three quarters and represents 90.9 percent of the P35 billion full-year 2023 target.

The bank said they had P91.15 billion in interest income from loans and investments, more than 35 percent up from last year's figures.

Landbank added that its total assets grew by 11.5 percent to P3.1 trillion, on the back of a 12.8 percent year-on-year expansion of deposits to P2.7 trillion.

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The state-owned lender also said its capital jumped 21.9 percent to P249.2 billion, from P204.4 billion in the same period in 2022.

This already exceeds the full-year target of P243.8 billion for 2023.

This bank said its return on equities settled at 15.97 percent.

Landbank recently said it still has enough capital to comply with Bangko Sentral ng Pilipinas requirements even after putting P50 billion as seed money for the Maharlika Investment Fund.

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