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MANILA, Philippines — State-run Land Bank of the Philippines (LandBank) saw net income slip 4 percent to P24.2 billion in the first half of the year as higher operating expenses offset stronger earnings from its core lending and investment businesses.
In its latest financial statement, the lender said net income as of end-June fell from P25.2 billion a year earlier.
READ: Landbank Q1 profit slips to P12B
Despite the lower profit, LandBank’s net interest income rose 8.6 percent to P57.9 billion as interest income grew 4.7 percent to P79.1 billion. A nearly 20-percent increase in investment income to P34.6 billion offset a 1.5-percent decline in loan income to P43.5 billion, while interest expenses fell 4.5 percent to P21.2 billion.
