The value of digital transactions facilitated by state-run Land Bank of the Philippines (Landbank) more than doubled to ₱4.6 trillion in the first nine months of the year, growing by 15 percent in volume and 169 percent in value year-on-year.
In a statement, Landbank noted the importance of digital transformation in its operations, citing the statement made earlier last month by its president and chief executive officer Cecilia C. Borromeo.
“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,” said Borromeo during a digital convention in Pasay City.
Landbank said the total utilization growth from January to September this year consisted of combined transactions in its e-banking platforms including mobile banking app (MBA), weAccess, electronic modified disbursement system (eMDS), Link.BizPortal, iAccess, and its Landbank bulk crediting system (LBCS).
In terms of transaction volume, Landbank’s MBA topped the list, recording 87.6 million transactions amounting to ₱ 154.3 billion, both of which translates to year-on year growth of 20 percent and 29 percent respectively.
The bank’s corporate internet banking platform, weAccess, recorded 13.26 million transactions worth ₱2.95 trillion – or a 739-percent increase in value from the same period last year.
Landbank’s internet facility for national government agencies, the eMDS, facilitated 1.7 million transactions worth ₱1.4 trillion, translating to a 19-percent rise in value.
The bank’s online retail banking channel, iAccess, also posted a 16-percent increase in
terms of transaction value, reaching ₱13 billion from the 3.9 million transactions.
Earlier in February of this year, Landbank reported that it grew its bottom line by 27 percent to ₱21.8 billion in 2021, as losses provisioning dropped by over two-fifths compared to 2020 levels.
The government financial institution attributed the growth in its 2021 net income from the ₱17.1 billion in 2020 to “lower cost of funds and provision for losses.”
Landbank suffered from a 7.4-percent decline in net income in 2020, the onset of the COVID-19 pandemic, citing it was due to “provisioning for probable losses” which it said was significant at ₱ 9.3 billion.