"Despite the continuing challenges set by the pandemic, LandBank is on track to meet its year-end net income target of P19.68 billion as net income grew a modest 1.67 percent to P5.48 billion for the first three months of the year," it said in a statement on Tuesday. LandBank's total assets increased by 16.14 percent to P2.405 trillion as of last March 31, up from P2.071 trillion the previous year. The pick-up in assets was fueled by a 16.21-percent rise in deposits from P1.827 trillion in 2020 to P2.123 trillion in 2021, according to the lender. Its capital surged by 32.44 percent year-on-year to P194.59 billion from P146.93 billion. "LandBank remains in prime position to continue providing for the recovery requirements of clients and the nation at large," said Cecilia Borromeo, LandBank president and chief executive officer.

Source: Manila Times June 08, 2021 17:15 UTC