LandBank January–September net income up 9%

State-owned Land Bank of the Philippines posted a 9-percent growth in its net income in the first nine months of the year, driven by the growth of its top line during the period.

In an emailed statement, LandBank said its net income rose to P11.4 billion in the January to September period from the P10.5 billion the same period in 2017.

The bank attributed the increase in revenue and total assets to higher interest income on loans, which grew by 35 percent as the bank's gross loan portfolio rose 37 percent to P838.7 billion.

"We are optimistic about capping 2018 on a high note, as income from loans and investments remains strong," said LandBank president and CEO Alex Buenaventura.

"This allows us to continue to channel greater financial assistance to our priority sectors, foremost to our farmers and fishers, microenterprises and SMEs, agribusiness and other development players,” he added.

LandBank ended the third quarter as the third largest universal bank in terms of assets with P1.77 trillion as of September 2018. — Jon Viktor D. Cabuenas/BM, GMA News