LandBank logs 169% earnings growth
The LandBank MBA topped the group in terms of transaction volume, which recorded 87.6 million transactions amounting to P154.3 billion
The digital banking platforms of the Land Bank of the Philippines hit a total of 111.3 million transactions amounting to P4.6 trillion — registering 15 percent and 169 percent year-on-year growths in volume and value, respectively, in the first three quarters of the year.
The total utilization growth recorded by the state-run bank in the nine months consists of combined transactions via the LandBank Mobile Banking App, weAccess, Electronic Modified Disbursement System, and Link.BizPortal, iAccess and the LandBank Bulk Crediting System.
The LandBank MBA topped the group in terms of transaction volume, which recorded 87.6 million transactions amounting to P154.3 billion, translating to 20 percent and 29 percent increases, respectively.
Internet banking takes off
The state-run bank’s corporate internet banking platform, the LandBank’s weAccess, which logged 13.26 million transactions worth P2.95 trillion — a 739 percent increase in value from the same period last year, propelled the overall increase in transaction value.
Meanwhile, the LandBank eMDS for national government partners facilitated 1.7 million transactions worth P1.4 trillion, translating to a 19 percent rise in value.
The bank’s online retail banking channel, iAccess, likewise posted a 16 percent increase in transaction value, amounting to P13 billion from 3.9 million transactions.
The Link.BizPortal, LandBank’s web-based payment facility, recorded a 50 percent rise in transaction volume, with 4.3 million transactions worth P8.8 billion.
Electronic disbursements hit P14B
Lastly, the LBCS — the bank’s online electronic disbursement facility — recorded transactions amounting to P14.09 billion for a significant 575 percent increase compared to last year.
LandBank continues leveraging digital technology to deliver convenient and secure financial services and products to development sectors of the economy as part of its commitment to serving the nation.
Amid the increasing customer demand for digital financial transactions, LandBank president and CEO Cecilia Borromeo underscored the importance of digital transformation for the state-run bank.
“Digitalization enables LandBank to provide better solutions to the growing and varied needs of our customers. This includes delivering greater value to beneficiaries of social protection programs, government employees, local government units, and other key development sectors,” Borromeo said.