Landbank posts P20.3 billion net income in H1

Land Bank of the Philippines recorded a net income of P20.3 billion in the first half, a 93.5% increase from the P10.3 billion it earned in the same period last year.

This substantial growth was attributed to prudent management of the cost of funds and sustained interest income from loans and investments.

The bank's first-semester performance translated to a return on equity of 15.43% and return on assets of 1.19%.

LANDBANK President and Chief Executive Officer Cecilia C. Borromeo stated that the bank's robust financial performance will continue to drive its intensified assistance to key industries, especially the agriculture sector, in support of the country's continuing recovery.

She added that the bank will also build on this growth momentum to further its efforts to rebuild local communities, advance financial inclusion, and support the National Government's development agenda.