LandBank 9-month net income rises 8% to P37.53B

State-run Land Bank of the Philippines (LandBank) on Wednesday reported an 8% increase in net income in the first nine months of the year, driven by the expansion of its core banking operations.

The bank’s net income from January to September reached P37.53 billion, with its third-quarter earnings amounting to P13.32 billion. Its total assets stood at P3.56 trillion, while deposits reached P3.11 trillion as of the end of September.

“Our strong financial performance reflects the continued trust of our clients in LandBank,” LandBank president and chief executive officer Lynette Ortiz said in an emailed statement.

“This growth affirms the strength of our client-focused solutions and our ability to deliver on our developmental mandate while maintaining sound and disciplined operations,” she added.

Digital transactions during the nine-month period increased 29% to 713.16 million, while their total value rose 22% to P3.83 trillion. The bank’s mobile banking app also recorded a 71% increase in unique active users to 3.69 million.

LandBank is mandated to promote rural development while maintaining financial viability. It implements the Comprehensive Agrarian Reform Program (CARP), provides assistance to small farmers and fisherfolk, and serves as an official depository of government funds.— MCG, GMA News

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