LandBank remits P5b to natl govt, profits hit record P9b
State-owned lender Land Bank of the Philippines remitted P5 billion to the Treasury after posting record earnings last year on its expanding loan portfolio, deposits, and assets.
The bank remitted P5 billion in cash dividends, including the balance from its 2010 net income, LandBank president and chief executive officer Gilda Pico said in a statement Monday.
“This forms part of LandBank’s contribution to the government’s coffers in support to its revenue generation efforts and fiscal consolidation program,” she stressed.
Pico gave President Benigno Aquino III a P5-billion check during a simple ceremony in Malacañang. It was the highest amount so far remitted by a government-owned and –controlled corporation.
She said that the bank’s net income grew 11 percent to P9 billion last year from P8.1 billion in 2010, mainly on higher income from loans, prudent cost management, and clear institutional focus.
“We made solid progress in 2011 and we are looking forward to continued growth in 2012. Improving the lives of small farmers and fisherfolk, small and medium enterprises and microenterprises, and our other priority sectors remains our primary goal, and this is supported by the profits we generate from our commercial banking operations,” she said.
LandBank’s total deposits grew 15 percent to P507.3 billion last year from P433.6 billion in 2010, while total assets expanded by 13 percent to P638.9 billion from P565.7 billion.
Pico reported that LandBank capital base also expanded by 13 percent to P71.6 billion from P63.2 billion.
The lender — the fourth largest Philippine bank in terms of assets, loans, deposits, and capital — has a capital adequacy ratio of 16.47 percent and a return on equity of 15.44 percent. — VS, GMA News
The bank remitted P5 billion in cash dividends, including the balance from its 2010 net income, LandBank president and chief executive officer Gilda Pico said in a statement Monday.
“This forms part of LandBank’s contribution to the government’s coffers in support to its revenue generation efforts and fiscal consolidation program,” she stressed.
Pico gave President Benigno Aquino III a P5-billion check during a simple ceremony in Malacañang. It was the highest amount so far remitted by a government-owned and –controlled corporation.
She said that the bank’s net income grew 11 percent to P9 billion last year from P8.1 billion in 2010, mainly on higher income from loans, prudent cost management, and clear institutional focus.
“We made solid progress in 2011 and we are looking forward to continued growth in 2012. Improving the lives of small farmers and fisherfolk, small and medium enterprises and microenterprises, and our other priority sectors remains our primary goal, and this is supported by the profits we generate from our commercial banking operations,” she said.
LandBank’s total deposits grew 15 percent to P507.3 billion last year from P433.6 billion in 2010, while total assets expanded by 13 percent to P638.9 billion from P565.7 billion.
Pico reported that LandBank capital base also expanded by 13 percent to P71.6 billion from P63.2 billion.
The lender — the fourth largest Philippine bank in terms of assets, loans, deposits, and capital — has a capital adequacy ratio of 16.47 percent and a return on equity of 15.44 percent. — VS, GMA News
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