MANILA, Philippines — State-run Land Bank of the Philippines grew its net income by 11 percent to P13.29 billion in the first quarter on higher loan portfolio.
In a statement, Landbank said it earned P13.29 billion from January to March, 11 percent above the P11.98 billion profit in the same period last year.
This is also 32 percent above the estimated P10 billion target for the first quarter.
The bank’s loan portfolio grew by eight percent to P1.58 trillion while investments rose by 14 percent to P1.5 trillion, supported by growth in both trading and non-trading portfolios.
Of the P1.58 trillion, loans to agriculture, fisheries and rural development comprised 53.4 percent of the total or P844.61 billion.
This supported nearly 28,000 new small farmers and fisherfolk during the period, bringing total beneficiaries to 4.04 million.
This was done through a mix of direct lending, credit conduits and capacity-building interventions across the agricultural value chain.
Loans and investments drove Landbank’s total assets to inch up by five percent to P3.43 trillion as of end-March.
Customer deposits likewise improved by five percent to P3.02 trillion.
Given its financial performance, Landbank has declared a record P33.53 billion in cash dividends for the year.
This is four percent higher than the P32.12 billion dividends in 2024.
