The Land Bank of the Philippines posted a  net income growth of P5.74 billion for the first half of the year from P5.52 billion recorded a year ago.
The bank’s growth was boosted by the upward trend in revenues from loans and investments together with the prudent management of operating costs.
“Our solid performance for the first half of the year is driven primarily by the consistent upward trend in our revenues from loans and investments,” Landbank president and CEO Gilda Pico said.
“This also reflects the bank’s prudent management of operating costs and increased focus on strengthening other areas of profitability to better serve our priority sectors,” she added.
It’s capital reached P72 billion as of end-June 2012 compared to last year’s P64.1 billion.
The bank’s capital adequacy ratio of 20.81 percent is much higher than the minimum regulatory requirement of 10 percent by the Bangko Sentral ng Pilipinas (BSP).
Return of Equity stood at 16.13 percent.
Total investment was at P230.2 billion while the bank’s net loan portfolio stood at P249.9 billion including inter-bank loans.
“These strong capital ratios attest to Landbank’s sound financial position and reflect its capacity to aggressively expand its loan portfolio to its priority sectors including farmers and fisherfolk cooperatives, microenterprises and SMEs, agribusiness, local government units and rural banks,” Pico said.
Landbank was ranked among the top five commercial banks in the country in terms of deposits, assets, loans and capital.