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Land Bank of the Philippines H1 net income rises 36% YOY

Land Bank of the Philippines posted a 36% year-over-year rise in first-half net income to 10.58 billion Philippine pesos from 7.79 billion pesos.

The bank's net income is 27% higher than its target of 8.32 billion pesos for the first half, according to an Aug. 9 earnings report.

The bank attributed the rise in net income to a substantial growth in income from loans, which rose 60% year over year due to higher yield and growth in its gross loan portfolio. The lender's gross loan portfolio increased to 855.32 billion pesos from 758.68 billion pesos.

Net interest margin for the first half came to 3.53%.

Total capital for the six months amounted to 141.86 billion pesos, up from 117.37 billion pesos in the prior-year period.

As of Aug. 9, U$1 was equivalent to 51.93 Philippine pesos.