THE VALUE of online transactions done with Land Bank of the Philippines (LANDBANK) increased in the first quarter, driven by the rising demand for digital services.
The state-run bank facilitated a total of 39.14 million transactions amounting to P567.61 billion in the first three months of the year, LANDBANK said in a statement on Tuesday.
This translated to a 36% year-on-year growth in volume and a 22% rise in the value of transactions.
These transactions included mobile banking, government disbursement, retail banking, institutional banking, and bulk credit, LANDBANK said.
Broken down, the lender’s mobile banking app recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, 37% higher in terms of volume and a 46% growth in value.
Meanwhile, the bank’s corporate internet banking platform weAccess logged over six million transactions worth P143.19 billion in the first quarter, which translated to increases of 37% and 25% in volume and value, respectively.
LANDBANK’s web-based payment facility, Link.BizPortal, facilitated around 1.38 million transactions equivalent to a 42% increase from the first quarter of last year. Total value rose by 58% to P3.41 billion.
Transaction value in its online retail banking channel, or iAccess, jumped by 26% to P4.46 billion from P3.55 billion in the same period in 2021.
On the other hand, the value of transactions on LANDBANK’s electronic modified disbursement system rose by 18% year on year to P368.06 billion in the three-month period.
“LANDBANK’s digital transformation is geared towards providing 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,” said LANDBANK President and Chief Executive Officer Cecilia C. Borromeo.
Ms. Borromeo reminded customers to remain vigilant against online banking fraud and scams.
“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,” she added.
LANDBANK’s net income in the first three months of 2022 soared by 141% year on year to P13.2 billion from P5.48 billion due to a one-time gain following its merger with United Coconut Planters Bank as well as higher interest income from loans and investments. — Keisha B. Ta-asan