This government bank had a solid run for the year.
Land Bank of the Philippines maintained its position as the biggest state-owned bank, raking in P15.5 billion in net income for 2018.
This spelled a 10 percent surge from the P14.1 billion profit booked in 2017.
“We achieved exceptional performance in 2018 with our net loan portfolio expanding significantly by 37% or more than P220 billion to reach P840 billion,” LANDBANK president and CEO Alex Buenaventura said in a statement.
Bank deposits also jumped to P1.66 trillion, 17 percent higher year-on-year due to bigger funds from the government as well as the private sector. Total bank capital also grew by 26 percent to P131.62 billion.
However, higher operation costs due to bigger salaries to bank employees slightly offset gains, Buenaventura said, pinning the balme to the third tranche of the Salary Standardization Law.