MANILA -- The Land Bank of the Philippines (LANDBANK) reported robust financial performance in the first quarter of the year, with a higher net income of P13.2 billion alongside double-digit growth in assets, deposits and capital.

LANDBANK’s net income for the three-month period jumped an unprecedented 141% from P5.48 billion a year ago, attributed to higher interest income from loans and investments, as well as one-time gains from the merger with the United Coconut Planters Bank (UCPB).

The higher net income translates to a return on equity of 14.27%, which is well above the industry average of 9.08% as of 31 December 2021.

“LANDBANK’s income expansion runs parallel with the country’s strong economic resurgence. We will build on this growth trajectory to continue assisting key development sectors and contribute to our collective recovery, to drive our broader thrust of serving the nation,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK remains the second largest bank in terms of assets at P2.792 trillion as of end-March 2022 or 16% higher than the P2.405 trillion in 2021.

The increase in assets was propelled by the merger, with UCPB contributing P291.83 billion additional assets. Major asset accounts, including loans and investments, likewise increased in double-digits.

The Bank also booked a 12% growth in capital year-on-year to P218.36 billion from P194.59 billion, mainly due to the record net income in 2021.

LANDBANK’s sound financial position furthered its capacity to provide financial and support services to the agriculture sector and other development industries.

As of end-March 2022, LANDBANK’s total outstanding loans to its priority sectors reached P822.01 billion, of which P236.86 billion was channeled to support the agriculture sector.

LANDBANK is a government financial institution with a unique social mandate of promoting national development while remaining financially viable. (LANDBANK)