LandBank income up 12% in Q1home/Business/Top Business/LandBank income up 12% in Q1GOVERNMENT-OWNED Land Bank of the Philippines’ (LandBank) net income grew by 12 percent to P4.75 billion in the first quarter from P4.26 billion in the same period last year. In a statement over the weekend, LandBank said the latest amount also exceeded its January-to-March target of P4.16 billion by 14 percent. LandBank President and Chief Executive Officer Cecilia C. Borromeo credited the strong first-quarter performance to the substantial increase in income from loans and investments. Total assets jumped by 16 percent to P1.89 trillion from P1.63 trillion, while deposits climbed by by 17 percent to P1.68 trillion from P1.44 trillion. The bank will continue invest in technology to pursue its inclusive-growth thrust and to provide greater convenience to clients, the bank chief added.

Source: Manila Times May 19, 2019 16:30 UTC