How Much Land Bank of the Philippines Earns
The Land Bank of the Philippines posted strong financial performance in 2011, with net income reaching a record high and sustained growth in loan portfolio, deposits and assets.
Its net income of P9 billion last year was 11 percent higher compared to its 2010 net income of P8.1 billion.
Landbank president and chief executive officer Gilda E. Pico attributed the Bank’s robust overall performance to increased income from loans, prudent cost management and clear institutional focus.
From its 2011 net income, Landbank remitted to the national government P5 billion in cash dividends. The amount remitted also included the balance from the Bank’s 2010 net income.
This forms part of Landbank’s contribution to the government’s coffers in support to its revenue generation efforts and fiscal consolidation program.
In ceremonies at the Malacañang, Pico handed over to President Benigno S. Aquino III the check of P5 billion, the highest remitted by a government-owned and controlled corporation.
“We made solid progress in 2011 and we are looking forward to continued growth in 2012. Improving the lives of small farmers and fisherfolk, SMEs and microenterprises, and our other priority sectors remain our primary goal, and this is supported by the profits we generate from our commercial banking operations,” Pico said.