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July 14, 2024

Landbank reports 22% growth in digital transactions during first half

The Land Bank of the Philippines (LANDBANK) has witnessed a 22 percent year-on-year increase in digital transactions in terms of volume during the first six months of the year, accompanied by a 41 percent rise in transaction value.

According to a statement, Landbank recorded a total of 94.7 million digital transactions, amounting to a value of P1.9 trillion in the first half.

Bankero and Landbank’s President and Chief Executive Officer, Lynette V. Ortiz, highlighted the growing acceptance of the bank’s digital banking solutions among customers, and emphasized the bank’s commitment to investing in digital infrastructure to ensure continued delivery of convenient, accessible, and secure services.

The diverse range of digital transactions was carried out through various Landbank platforms, including the Landbank Mobile Banking App (MBA), Electronic Modified Disbursement System (eMDS), LANDBANK Bulk Crediting System (LBCS), Link.BizPortal, iAccess, and weAccess.

Notably, the Landbank MBA accounted for a significant portion of the digital transactions, facilitating 76.1 million transactions valued at P140.5 million, marking a 27 percent increase in volume and a 36 percent increase in value compared to the previous year.

The eMDS, LANDBANK’s online facility for National Government agencies, played a pivotal role in terms of value, overseeing transactions worth P1.3 trillion, equivalent to 1.4 million transactions. This represented a 36 percent increase in value and a 15 percent growth in volume compared to the previous year.

Furthermore, Landbank reported remarkable growth in the utilization of its electronic bulk disbursement facility, the LBCS, with total transactions soaring by 6,737 percent to 3.6 million, resulting in a 398 percent surge in value, reaching P32.3 billion.

The bank’s web-based payment channel, LANDBANK Link.BizPortal, experienced a 44 percent increase in volume, with 4 million transactions amounting to P6 billion.

Additional growth was seen in transactions through LANDBANK’s online retail banking channel, iAccess, with a 3 percent increase in value, totaling P9.1 billion.

Similarly, transactions conducted via the corporate internet banking platform, weAccess, grew by 53 percent in value, reaching P433.3 billion.

Landbank’s net income for the first half of the year rose by 2.7 percent year-on-year to P20.9 billion, attributed to improved income from loans and investments.