'Aggressive' lending boosts Landbank's 9-months profit.

THE Land Bank of the Philippines (LandBank) announced that its net income in the nine months to September rose by almost a fifth year-on-year to nearly P32 billion driven by its 'aggressive' loan portfolio expansion and higher yields from investments.

In a statement on Sunday, the state-run lender said its net income at the end of September reached P31.85 billion, 24 percent higher than the P25.7 billion it posted in the same period of last year.

The bank pointed out that this is now its 'highest ever' net profit since it first breached the P30 billion mark in end-2022. The bank has also exceeded its target of P26.3 billion net income for January to September period.The LandBank has now reached nearly 91 percent of its full-year net income target of P35 billion this year.

'The unprecedented income was driven by the aggressive expansion of our developmental loan portfolio, coupled with robust yields from loans and investments,' LandBank President and CEO Lynette V. Ortiz was quoted in the statement as saying. 'We have, likewise, been prudent and disciplined with managing our expenses to maximize gains.'

Ortiz added the lender's executives 'will ensure that our solid balance sheet continues to translate to substantial and meaningful support to the sectors we serve.'

The LandBank said it earned...