Land Bank of the Philippines, or LandBank, saw a record-high net income amounting to P40.3 billion last year, up by 34 percent compared to 2022.

In its statement released Thursday, LandBank said this was also P5 billion higher than its full target for 2023.

“We will build on this growth momentum to further drive meaningful investments in advancing inclusive and sustainable development in the country,” LandBank president Lynette Ortiz said.

The government-owned bank said its assets expanded by 4.2 percent to P3.3 trillion year-on-year due to “strong” deposit inflows, loan demand and investment income.

Deposits grew by 4.5 percent to P2.9 trillion.

Countryside dev’t boosted

Meanwhile, LandBank said loans continued to develop and boost activities in agriculture, fisheries and infrastructure for rural development.

“LandBank’s strong financial performance in 2023 exemplifies sound management committed to delivering remarkable results in a thriving economy,” Ortiz said.

According to the Philippine Statistics Authority, the agriculture industry expanded by 1.2 percent in the fourth quarter of 2023 from a three-year contraction ranging from 0.1 to 1.7 percent starting in 2020.

LandBank boosted its capital by 27 percent to P266.8 billion, resulting in a healthy capital adequacy ratio of 16.35 percent and a common equity tier 1 ratio of 15.46 percent.

Moreover, the bank reported its return on equity stood at 16.87 percent, above the industry average of 12.15 percent.

Moving forward, LandBank said it will be tapping digital tools to reach out to more clients and provide them with better products and services.

These involve national development loans, treasury and investments, digital banking and cybersecurity.

“We look forward to 2024 as another banner year for LandBank, underscoring our commitment to transformative and disruptive digital initiatives. This momentum gives us much optimism towards reaching new milestones in expanding financial inclusion nationwide,” Ortiz said.