Land Bank Q1 profit up 13%

State-owned Land Bank of the Philippines posted a 13-percent profit growth in the first quarter to P3.1 billion from P2.8 billion in the same period last year.

“The consistent upward trend in our profitability is principally the result of increased revenues from loans and investments,” Land Bank President Gilda Pico said in a statement.

Pico said Land Bank’s lending program was focused largely on the farm and fisheries sectors. It also caters to micro, small and medium enterprises in rural areas.

“The income results reflect the bank’s institutional focus, aggressive marketing of credit facilities to priority sectors, and the improvements in its delivery channels and process efficiencies,” Pico said.

The bank’s total loan portfolio hit P245.5 billion as of the end of the first quarter, up by 2 percent from P241.1 billion in the same period last year.