LEGAZPI SAVINGS Bank, Inc. (LSB) is aiming to achieve a double-digit compounded annual loan growth rate over the next five years, it said on Tuesday.

“LSB exemplifies our vision of financial inclusion, reaching out to underserved markets while complementing Bank of the Philippine Islands’ (BPI) broad array of financial services which now extends to teachers across the nation. We are excited to bring LSB’s expertise and BPI’s resources together to help build a better Philippines — one family, one school, one community at a time,” LSB President Jerome B. Minglana said in a statement on Tuesday.

LSB said its loan releases have grown by 50% so far this year.

“LSB is expanding its presence, ensuring broader accessibility to its products and services… Looking ahead, LSB aims to achieve compounded annual growth rate in the double-digits over the next five years, underscoring its dedication to sustained progress and financial inclusion,” it added.

The lender plans to expand its services, offerings, and digital capabilities for the underserved segment. These are in line with its parent lender BPI’s financial inclusion push, it said.

“LSB has always been at the heart of Bicol and nearby provinces, providing accessible and affordable banking solutions to communities that once had no access to financial services. Our mission is to bridge this gap by offering financial products, such as personal loans and deposit accounts, tailored to meet the needs of Filipinos, particularly teachers,” Mr. Minglana said.

LSB was acquired by Robinsons Bank Corp. (RBC) in 2012. It became a BPI subsidiary when the merger between BPI and RBC took effect on Jan. 1.

The bank operates 17 branches and regular branch-lite units (BLUs) with deposit-taking operations as well as 10 limited BLUs with no deposit-taking activities located in 18 provinces.

Its parent BPI’s net income grew by 29.4% to P17.4 billion in the third quarter as its revenues increased.

This brought its nine-month net earnings to P48 billion, 24.3% higher year on year, driven by robust revenue growth and sustained positive operating leverage.

Its shares went up by P1.90 or 1.45% to close at P133 apiece on Tuesday. — A.M.C. Sy

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