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March 02, 2024

Landbank now services all LGUs

Land Bank of the Philippines headed by bankero Cecilia Borromeo said all local government units (LGUs) now maintain their deposit accounts with the state-run financial institution.

This enables LANDBANK to further expand its role as the biggest development partner of the LGU sector towards inclusive local development.

“LGUs are LANDBANK primary partners on the ground in promoting inclusive and sustainable growth. Having all LGUs in our deposit base ensures that we can cover and better service local development requirements across the country,” Borromeo said.

LANDBANK remains to be the biggest lender to the LGU sector with outstanding loans reaching almost P70 billion, most of which are for various agri-aqua projects, transportation, and healthcare initiatives.

It is the biggest government-owned universal bank that delivers timely and responsive financial and support services primarily to small farmers and fishers, key development industries, LGUs and government agencies, among others, towards promoting inclusive countryside development.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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