Thursday, 14 May 2009

Philippines' Landbank net profit jumps 40% in Q1

G. S. dela Peña

STATE-RUN Land Bank of the Philippines (Landbank) posted higher net income during the first quarter compared to a year ago on higher revenues from loans and foreign exchange trading.

In a statement, Landbank said its first quarter net income reached P1.7 billion, 40% higher than the P1.2 billion notched in the first quarter last year.

The bank attributed the growth to higher revenues from loans following the 42% expansion in its lending portfolio to P185.1 billion from P130 billion.

Loans were backed by an 11% growth in deposits to P326 billion from P292 billion.

Landbank also said it posted gains from foreign exchange trading but did not disclose figures.

"Our efforts to operate more effectively while undertaking focused marketing is aimed at further boosting our capabilities that will allow us to provide more credit support and technical assistance to our priority sectors," Landbank President Gilda E. Pico said in a statement.

The bank’s capital also grew by 9% to P38.7 billion from P35.5 billion.

Landbank plans to raise as much as P7 billion in Tier 2 capital within the month to strengthen its capital base.

The bank’s assets rose by 11% to P427 billion from P385 billion in the first quarter, enabling it to maintain its ranking as the fourth largest lender in the country.

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