The Land Bank of the Philippines (LANDBANK) has delivered a record-breaking cash dividend of P32.119 billion to the national government, marking its highest-ever contribution and showcasing its robust financial stance.
This substantial sum, the largest among Government-Owned and Controlled Corporations (GOCCs), underlines LANDBANK’s strength following its historic net income of P40.3 billion in 2023 and a year-end capital of P266.8 billion.
IMAGE CREDIT: https://www.landbank.com
Officially remitted on April 30, 2024, LANDBANK’s unprecedented dividend was acknowledged during the GOCCs’ Day event on May 6, 2024, held at the Philippine International Convention Center (PICC) in Pasay City.
President Ferdinand R. Marcos Jr., alongside Finance Secretary and LANDBANK Chairman Ralph G. Recto, and other dignitaries, spearheaded the ceremony.
Financial discipline and dedication
The LANDBANK chairman and finance secretary attributed this remarkable achievement to LANDBANK’s stellar performance in 2023, emphasizing the institution’s financial discipline and the dedication of its management team, led by President and CEO Lynette Ortiz.
President and CEO Ortiz echoed this sentiment, affirming LANDBANK’s commitment to national progress by providing substantial funding for critical infrastructure and socioeconomic initiatives. She pledged continued support for the agriculture sector and other vital industries, aligning with the government’s inclusive development agenda.
In the first quarter of 2024, LANDBANK sustained its momentum with a strong profit growth of P12 billion, driven by increased interest income from loans.
Surpassing its target by 6%, the bank’s net income rose by 11% compared to the previous year, reaching P10.8 billion.
Total assets expanded by 5% to P3.3 trillion, fueled by robust loan growth, while deposits grew by 4% to P2.9 trillion.
LANDBANK’s gross loan portfolio soared to P1.5 trillion, a 25% increase attributed to substantial investments in treasury, commercial loans, and key sectors like agribusiness, energy, housing, and infrastructure.
Notably, LANDBANK secured the highest corporate governance rating among GOCCs in 2022, earning a score of 102.5 from the Governance Commission of GOCCs (GCG), underscoring its commitment to integrity, transparency, and accountability.