Landbank books record P40.3B net income in 2023

State-owned Land Bank of the Philippines closed the year 2023 with a record-high bottom line.

In a statement on Thursday, Landbank said it posted a net income of P40.3 billion last year, higher than the P30.06-billion earnings it booked in 2022.

The lender said its 2023 record bottom line was also the first that its earnings surpassed the P40-billion mark and even exceeded the full-year target by P5 billion.

Landbank said the robust financial performance was fueled by strong revenues from loans and investments alongside prudent cost management.

“Landbank’s strong financial performance in 2023 exemplifies sound management committed to deliver remarkable results in a thriving economy. We will build on this growth momentum to further drive meaningful investments in advancing inclusive and sustainable development in the country," said Landbank president and CEO Lynette Ortiz.

In terms of assets, Landbank ended 2023 with P3.3 trillion, up 4.2% year-on-year, on the back of strong deposit inflows and income generated from loans and investments. 

The bank said deposits grew by 4.5% to P2.9 trillion.

The state-run lender added that its end-2023 capital position stood at P266.8 billion, up 27% year-on-year.—AOL, GMA Integrated News