LandBank remits P32 billion in cash dividends to BTr
STATE-run Land Bank of the Philippines (LandBank) announced it remitted about P32.119 billion in cash dividends to the national treasury on account of its robust net income and year-end capital in 2023.
LandBank was recognized as the top government-owned and -controlled corporation (GOOC) that contributed more than P1 billion to the national treasury during the GOCC’s Day at the Philippine International Convention Center (PICC) last Monday.
“The solid performance of Landbank in 2023 yielded a record-breaking dividend contribution, which will significantly support our people’s growing needs and further stimulate the country’s economic growth,” Finance Secretary and Landbank Chairman Ralph G. Recto said on May 6.
The bank pinned its financial position to its highest dividend remitted, particularly its net income of P40.3 billion in 2023 and year-end capital of P266.8 billion.
“LandBank’s unprecedented contribution to the government’s coffers underscores our unwavering commitment to nation-building. We look forward to further advancing the country’s growth trajectory by providing ample funding for priority infrastructure projects and socioeconomic programs,” LandBank President and CEO Lynette V. Ortiz stated.
Meanwhile, LandBank announced that its net income from January to March reached P12 billion, higher by 11 percent year-on-year from P10.8 billion in 2023. It surpassed its P11.3 billion target for the period by 6 percent due to its increased interest income from loans.
The state-run bank’s total assets also rose by 5 percent to P3.3 trillion on the back of its loan expansion. Increases in government and private deposits caused LandBank’s deposit base to inch up by 4 percent to P2.9 trillion.
Lastly, the bank’s gross loan portfolio increased by 25 percent to P1.5 trillion due to the growth in treasury and commercial loans, primarily channeled towards agribusiness, energy, affordable mass housing, and infrastructure projects.