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Land Bank of the Philippines posts YOY rise in FY'17 net income

Land Bank of the Philippines reported a 4% year-over-year increase in net income for the full year ended Dec. 31, 2017.

The lender's full-year net income grew to 14.05 billion pesos from 13.58 billion pesos in the previous year, as its core revenues increased at double-digit rates.

Income on loans rose to 26.8 billion pesos from 23.9 billion pesos, while the gross loan portfolio jumped 30% to 674.3 billion pesos, according to a Feb. 22 release.

The bank's income from investments rose to 21.17 billion pesos from 16.49 billion pesos. Its investments portfolio climbed 25% to 580.65 billion pesos.

Deposit base increased 15% to 1.42 trillion pesos as government and private sector deposits rose.

As of the end of 2017, the lender's return on equity stood at 14.8%, while its total capital climbed 23% to 104.59 billion pesos.

As of Feb. 22, US$1 was equivalent to 51.91 Philippine pesos.