The Land Bank of the Philippines (Land Bank) www.landbank.com posted a strong financial performance in 2011, with net income reaching a record high and sustained growth in loan portfolio, deposits, and assets.
Land Bank’s net income of PhP 9 billion last year is 11% higher compared to its 2010 net income of PhP 8.1 billion. Bank president and CEO Mrs. Gilda E. Pico attributed the Bank’s robust overall performance to increased income from loans, prudent cost management and clear institutional focus.
Total deposits broke the PhP 500-billion mark, increasing significantly by 17% to PhP 507.3 billion from PhP 433.6 billion in 2010. The Bank’s total assets expanded significantly by 13% to PhP 638.9 billion from PhP 565.7 billion in 2010. The capital base also grew substantially by 13% to PhP 71.6 billion from PhP 63.2 billion in 2010. Further reflecting the Bank’s sound financial position, capital adequacy ratio was at a healthy 16.47%. Return on equity was at 15.44% and also remained above the industry average.