Government-controlled Land Bank of the Philippines (Landbank) reported that it has facilitated a total of 39.14 million transactions amounting to P567.61 billion from its major digital banking channels in the first three months of 2022—translating to a 36 percent and 22 percent year-on-year growth in volume of transactions and value, respectively.
Landbank president and CEO Cecilia C. Borromeo said Tuesday, May 10, that its digital transformation will provide accessible financial services “to meet the growing needs of our customers.”
“We are also driven towards greater digital adoption to advance financial inclusion in the country, in line with our expanded mandate of serving the nation,” she added.
Borromeo said demand for digital services continued to grow because a lot more customers are shifting to digital banking during the pandemic.
She cited as example its mobile banking app which recorded 29.75 million transactions worth P47.18 billion as of end-March. This was up by 37 percent in volume and 46 percent in value, year-on-year.
The Landbank weAccess which is its corporate internet banking platform, also transacted six million transactions amouting to P143.19 billion, up by 37 percent and 25 percent, respectively.
The bank’s web-based payment facility or Link.BizPortal, recorded a 42 percent increase in transactions with 1.38 million as of end-March. This was worth P3.41 billion, up by 58 percent from same period in 2021.
“With the continuous increase in the use of digital banking channels, the state-run bank assures its customers that it maintains the highest level of security in all its systems, while also reminding customers to remain vigilant against online banking fraud and scams,” according to the bank in a statement.
Its other online retail banking channels such as iAccess, transacted P4.46 billion as of end-March, up by 26 percent year-on-year. The Electronic Modified Disbursement System or eMDS also posted an 18 percent increase to P368.06 billion during the period. The eMDS are accessed by the National Government agency partners.
Landbank’s net income surged by 141 percent to P13.2 billion in the first three months of 2022 due to strong assets, deposits and capital growth.
The government-controlled Landbank is the country’s second biggest bank. It has a total assets size of P2.792 trillion as of end-March 2022 which was 16 percent higher than the P2.405 trillion in 2021.