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Landbank shoots for P650-M income in Q1 |
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By:Maricel E. Burgonio
The Manila Times, Wednesday, 07/04/2004 The Land Bank of the Philippines (LBP) is targeting up to P650 million in net income for the first quarter of 2004, representing an increase of 11.4 percent from the P576-million profit in had during the same period last year. The foreseen upsurge in profit is due to the increased income from loans and investments in the bank’s priority sectors such as in small and medium enterprises and agriculture. In a phone interview, Landbank President and CEO Gary B. Teves said the bank has already netted P504 million in the first two months of the year. To meet the target net income in the first quarter, he said the bank would need to raise P150 million in March alone to meet their target. “We could probably hit over P600 to P650 million in January to March. It is a combination of investments in agricultural sector, providing support to priority sectors and also loans in the infrastructure sector,” Teves said. For this year, Landbank is targeting P2.15 billion in net income from the registered P2-billion net earnings in 2003. The bank’s outstanding loans to its priority sectors expanded to P64.3 billion as of end-2003. This amount, which accounted for 56 percent of the bank’s total loan portfolio of P115 billion, was extended to small farmers and fisherfolk, SMEs and microenterprises, agribusiness, agri-infrastructure, agri-related projects and environment-related projects. From 36 percent in 2000, Landbank dished out 56 percent of its loan portfolio to its priority sectors as of end-2003 and is targeting 60-percent share by end-2004. Loans to small farmers and fisherfolk were channeled largely through Landbank-assisted cooperatives and countryside financial institutions and benefited more than 300,000 small farmers and fisherfolk nationwide. Landbank’s assets grew from P255 billion in 2002 to P266 billion in 2003, maintaining its fourth ranking in the industry. Deposits and capital at P185 billion and P22 billion, respectively, were also higher than the P179 billion and P20 billion generated in 2002. Its NPL (nonperforming loans) ratio also improved significantly to 14.7 percent last year from 18.5 percent in end-2002. Landbank’s collection efforts, loan restructuring and foreclosures bore fruit with the reduction in the NPLs to P23.3 billion in end-2003. This is 7.2 percent lower than the bank’s P25.1 billion NPLs in 2002. Also, the bank’s Real and Other Properties Owned or Acquired (Ropoa), however, increased to P16.4 billion as of end-2003 from the previous year’s P15.5 billion. Previous | Next > | Latest News |
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