LandBank notes strong growth in digital transactions

STATE-run Land Bank of the Philippines Inc. (LandBank) reported strong growth in digital transactions in the first three months of the year as demand for online services continued to grow amid the pandemic.

In a statement, LandBank said it has facilitated a total of 39.14 million transactions amounting to P567.61 billion from its major digital banking channels in the first three months of 2022. This translates to a 36-percent growth in terms of volume and a 22-percent growth in value from its levels a year ago. 

LandBank President and CEO Cecilia C. Borromeo was quoted in the statement as saying that  the demand for the state-run lender’s digital services continued to rise as more customers shifted to digital banking solutions more than two years after government imposed lockdown measures.

“LandBank’s digital transformation is geared towards providing accessible financial services to meet the growing needs of our customers,” Borromeo said. “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.”

The bank has seen growth across various digital channels. Its mobile banking application recorded 29.75 million transactions worth P47.18 billion for the first quarter of the year, representing growth of 37 percent in volume and 46 percent in value, from last year.

LandBank’s corporate internet banking platform, meanwhile, recorded more than six million transactions worth nearly P143.19 billion. This translates to growths of 37 percent in volume and 25 percent in value.

The bank’s web-based payment facility facilitated around 1.38 million transactions equivalent to a 42 percent increase with a corresponding total value of P3.41 billion or 58 percent growth rate.

The bank’s online retail banking channel also logged a 26-percent growth in ransactions value, at P4.46 billion compared to the P3.55 billion in the same period last year.

For its electronic modified disbursement system for national government agency partners, transactions value hit P368.06 billion, up 18 percent from its level last year.

“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, while also reminding customers to remain vigilant against online banking fraud and scams,” LandBank’s statement read.

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