LandBank’s net income declined 18% to P10.8b in 1st quarter READ MORE:
LandBank president and chief executive Cecilia Borromeo said the first-quarter bottomline was P2 billion higher than its target for the period and accounted for 30.8 percent of the bank’s P35-billion income target for the full year.
“We are fully capable to continue extending intensified support to the agriculture sector and other key economic industries, while driving sustainable growth in local communities,” she said. The bank grew its asset base by 11.7 percent to P3.1 trillion as deposits expanded to P2.8 trillion. The government sector remains its core depositor, contributing 71 percent to total deposits.The expansion was driven by the bank’s net income, notwithstanding the dividend remittance to the national government in June 2022 worth P8.45 billion and the decline in other comprehensive income.
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