UCPB: Merger with UCPB boosts Landbank first quarter profit by 141 percent

MANILA, Philippines---Land Bank of the Philippines' (Landbank) merger with United Coconut Planters Bank (UCPB) has bloated its first-quarter bottom line by 141 percent year-on-year to P13.2 billion. In a statement last Sunday (May 1), the state-run Landbank said its end-March net income climbed from P5.5 billion in 2021, partly due to one-time gains from absorbing troubled UCPB. Their merger took effect last March 1. Landbank also attributed the jump in its first-quarter profit to "higher interest income from loans and investments" amid economic recovery. Given its higher net income, Landbank's return-on-equity reached 14.3 percent at the end of the first quarter, above the ...Keep on reading: Merger with UCPB boosts Landbank first quarter profit by 141 percent