MANILA-- Double digit increases in assets and deposits slightly pushed Land Bank of the Philippines' (Landbank) net income by 2 percent last year.
In a statement, the government financial institution said it posted PHP13.6 billion in net income in 2016, up from the previous year's PHP13.3 billion.
It said assets grew by 17 percent to PHP1.4 trillion from the previous year's PHP1.2 trillion.
This resulted in the improvement of return on equity (ROE), a gauge of the bank's operations, to 16.4 percent, higher than the industry average of 9.97 percent.
Last year, capital totaled PHP85.4 billion, 7 percent higher than the PHP80 billion in 2015.
During the same period, deposits reached PHP1.24 trillion, an 18 percent expansion from the previous year's PHP1.05 trillion due to higher private deposits.
"We are grateful to close the year with a strong and solid performance that enables us to further expand our services, reach and support to our mandated and priority sectors, particularly the farmers and fishers," Landbank President and CEO Alex Buenaventura said. (PNA)
Source: Philippines News Agency