LANDBANK surpasses target, makes P4.3B in Q1
Lending soared by nearly a third from a year ago.
The Land Bank of the Philippines booked P4.26 billion net income during the first quarter, 52 percent higher than the P2.81 billion clocked in the same period in 2017.
This also surpassed the P3.78-billion profit target set during the period, driven by a 47 percent surge in gross revenues.
Interest income on loans grew substantially as total lending by the state-owned bank rose by 31 percent to hit P694.71 billion.
“This quarter’s performance assures us that we are gaining the momentum to meet our targets this year. The 31% growth in our loan portfolio is also a strong indicator of our fervent drive to reach more agribusiness borrowers, especially in the countryside,” LANDBANK President and CEO Alex Buenaventura said.