Wednesday 19 June
Jan 14, 2019 @ 17:17

Landbank income surges to P15.5B in 2018


This government bank had a solid run for the year.

Land Bank of the Philippines maintained its position as the biggest state-owned bank, raking in P15.5 billion in net income for 2018.

This spelled a 10 percent surge from the P14.1 billion profit booked in 2017.

“We achieved exceptional performance in 2018 with our net loan portfolio expanding significantly by 37% or more than P220 billion to reach P840 billion,” LANDBANK president and CEO Alex Buenaventura said in a statement.

Bank deposits also jumped to P1.66 trillion, 17 percent higher year-on-year due to bigger funds from the government as well as the private sector. Total bank capital also grew by 26 percent to P131.62 billion.

However, higher operation costs due to bigger salaries to bank employees slightly offset gains, Buenaventura said, pinning the balme to the third tranche of the Salary Standardization Law.

Please follow and like us:

Tags: , , , , , , , ,

Related Stories
State spending has significantly picked up as more projects are rolled out.
The Department of Information and Communications Technology urged telecommunications firms to boost their broadband speed
President Rodrigo R. Duterte has signed a law institutionalizing the rights of employees in the
D.M. Consunji, Inc. (DMCI) has secured P10.6 billion worth of new projects in the first


Trending News

Copyright © 2019 Bilyonaryo - Latest news on the richest Filipinos and Family Business.