Landbank income surges above P5B as of April
Profits of this state-owned bank even went beyond target.
The Land Bank of the Philippines said it booked P5.068 billion as of April, jumping by 26 percent from P4.038 billion made during the same period in 2017.
In a statement sent by the Department of Finance, Landbank President and CEO Alex Buenaventura also pointed out that the four-month income is way past the P5.042 billion target of the government bank.
Total loan portfolio grew by 37 percent, while gross revenues reached P20.43 billion.
“The bank’s robust performance provides us the tools in fulfilling our goal of providing financial services to more borrowers in the countryside, particularly in the agricultural sector,” Buenaventura said in his report to Finance Secretary Carlos Dominguez III.
“We will continue to expand lending opportunities for small farmers, fishers and micro entrepreneurs to help make growth truly inclusive for all Filipinos.”