LANDBANK digital transactions grow in terms of value, volume
By: Business World
Source: businessworld
DIGITAL TRANSACTIONS coursed through Land Bank of the Philippines (LANDBANK) grew by 126% year on year in terms of value and by 14% in volume, it said on Tuesday.
The state-run bank said in a statement on Tuesday that the total value of transactions done through its digital channels rose to P5.6 trillion from P2.45 trillion in 2021.
Transaction volume likewise grew to 155.8 million in 2022 from 136.3 million the year prior.
LANDBANK said the increase came as it continued to ramp up its digital banking services.
“LANDBANK’s digital channels continue to service the growing customer demand for contactless financial transactions. We are driven to support our expanding retail customer base, to deliver convenient and responsive services to more customers nationwide,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said.
Broken down, the LANDBANK Mobile Banking App facilitated 123.6 million transactions valued at P227 billion. Transaction volume rose 19% year on year, while the total value jumped by 32%.
Its online retail banking channel iAccess also saw a 15% increase in transaction value to P17.7 billion.
Transactions coursed through the LANDBANK Link.BizPortal rose 49% to 5.8 million, with the total value also climbing 11% to P11.6 billion.
“The web-based payment facility also onboarded 314 new partners for a total of 1,136 merchants, of which 798 are from the public sector,” the lender added.
LANDBANK weAccess, which caters to corporate clients, saw transactions via the channel surge 540% in value to P3.13 trillion.
For National Government agency partners, the Electronic-Modified Disbursement System facilitated 2.5 million transactions, up 15% year on year. These were worth P2.1 trillion, rising by 22% from the year prior.
Lastly, the LANDBANK Bulk Credit System saw 1.8 million transactions amounting to P28.5 billion in 2022, rising by 1,526% and 697%, respectively, from the previous year.
LANDBANK said it targets to grow the value and volume of transactions done via its online banking channels by at least 60% this year.
The lender saw its net profit increase by 38.2% to P30.1 billion in 2022, surpassing its target of P25.71 billion and rising from the P21.7 billion recorded the year prior. — AMCS