THE VALUE of online transactions done with Land Bank of the Philippines (LANDBANK) surged in 2021 as the lender continued to roll out digital services during the public health crisis.
LANBANK’s electronic banking transaction value jumped by 46% year on year to P2.45 trillion, the state-run bank said in a press release on Wednesday.
The volume of transactions rose by 19% to 136.3 million.
These transactions include mobile banking, government disbursement, retail banking, institutional banking, and bulk credit.
Broken down, LANDBANK’s mobile banking app recorded over 100 million transactions worth a total of P172.39 billion last year. The transaction value more than doubled the 2020 figure.
Its electronic payment facility or Link.BizPortal recorded close to four million transactions. The total value went up by 31% to P10.45 billion.
Meanwhile, LANDBANK’s institutional internet banking platform weAccess logged over 20 million transactions, with the value increasing by 24% to P489 million.
Its iAccess internet retail banking channel saw a 30% jump in transaction value to P15.4 billion.
On the other hand, LANDBANK’s electronic modified disbursement system recorded over 20 million in transactions, with the value rising by 24% year on year to P488.98 billion.
“The LANDBANK Bulk Credit System (LBCS) also posted unprecedented annual growths of 105% and 1,181% for volume and value, respectively,” the bank said.
LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said the bank is delivering digital banking services for the “new normal.” Pandemic-related restrictions allowed for limited face-to-face transactions.
“We will continue to bank on digital infrastructures as we push for greater digital adoption and advance financial inclusion in the country,” she said.
LANDBANK’s net income in 2021 rose by 27% to P21.75 billion year on year due to the lower cost of funds. This was higher than its P19.68-billion profit target for the year. — J.P. Ibañez