The Land Bank of the Philippines posted strong financial performance in 2011, with net income reaching a record high and sustained growth in loan portfolio, deposits and assets, a government press release said.

Its net income of P9 billion last year was 11 percent higher compared to its 2010 net income of P8.1 billion.

Landbank president and chief executive officer Gilda Pico attributed the bank’s robust overall performance to increased income from loans, prudent cost management and clear institutional focus.

From its 2011 net income, Landbank remitted to the national government P5 billion in cash dividends. The amount remitted also included the balance from the Bank’s 2010 net income.

This forms part of LBP’s contribution to the government’s coffers in support to its revenue generation efforts and fiscal consolidation program.

Pico handed over to President Benigno Aquino III in ceremonies at the Malacañang the check of P5 billion, the highest remitted by a government-owned and controlled corporation.

“We made solid progress in 2011 and we are looking forward to continued growth in 2012. Improving the lives of small farmers and fisherfolk, SMEs and microenterprises, and our other priority sectors remain our primary goal, and this is supported by the profits we generate from our commercial banking operations,” Pico said in the press release.

Total deposits broke the P500-billion mark, increasing significantly by 17 percent to P507.3 billion from P433.6 billion in 2010.

The Bank’s total assets expanded significantly by 13 percent to P638.9 billion from P565.7 billion in 2010.

The capital base also grew substantially by 13 percent to P71.6 billion from P63.2 billion in 2010.

Further reflecting the bank’s sound financial position, capital adequacy ratio was at a healthy 16.47 percent. Return on equity was at 15.44 and also remained above the industry average. *PNA 

back to top