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PIA Press Release

LBP posts record net income

by Jemin B. Guillermo

Roxas City (18 February) -- The highest-ever net income record in 45 years was achieved by the Land Bank of the Philippines (LANDBANK) last year.

According to LANDBANK president and Chief Executive Officer Gilda Pico, said government bank has achieved a record net income of P5.02 billion in 2008, which is the highest in its 45-year history.

She said in their bank's online news that the net income was 19 percent or P800 million higher than the 2007 income of P4.21 billion.

Pico added that LANDBANK's high scores in its core performance indicators were more pronounced amidst the softening in profits of the commercial banking industry.

The Bank's focus was clearly reflected in its expansion in loans to the priority sectors, profitability, growth in deposits and assets, and improvement in loan quality," she said.

She added that the significant rise in LANDBANK's net income was largely due to revenues generated from investments which surged 30 percent or P2.77 billion, to P12.01 billion from the P9.25 billion attained in 2007.

Pico revealed that the income from loans increased by nine percent or P986 million from P11.34 billion in 2007 to P12.32 billion in 2008 while the net loan portfolio expanded by 26 percent to P208.9 billion.

The other income also climbed to P3.92 billion, 32 percent or P941 million more than the P2.98 billion in 2007, she said.

Pico stressed that LANDBANK remained steadfast in striking a balance in generating profits while aggressively financing developmental programs especially in the rural areas to better serve and support the bank's priority sectors, namely farmers and fisherfolk; micro, small and medium enterprises; agri-infrastructure; agribusiness and other agri- and environment-related projects. (PIA) [top]

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