Major digital bank Maya increased lending in the first quarter of this year to some P28 billion amid a growing demand for digital services in the country.

In a statement on Tuesday, Maya said its disbursed loans already reached P120 billion since the digital bank’s launching in 2022.

Last year, the digital bank distributed 100,000 credit cards. A substantial number of cardholders or 40 percent were first-time cardholders.

Maya’s loan-to-deposit ratio of 51.1 percent in the first quarter reflects a high demand for app-based loans among Filipinos.

Better than industry average

Due to effective customer analyses, Maya maintained a non-performing loan ratio of 3.8 percent, better than the industry average of all six digital banks in the country.

“This reflects the strength of our model — anchored on innovation, disciplined execution, and a clear mission to expand access to digital financial services for millions of Filipinos,” Maya Group president and Maya Bank co-founder Shailesh Baidwan said.

Total deposits in the first quarter amounted to P43.6 billion after the digital bank attracted over 5 million customers.

1.4 million customers

Out of the total customers, at least 1.4 million customers have borrowed from Maya.

Aside from loans, Maya said it has processed over P1-trillion payments between consumers and merchants.

Profitability

Given its higher loan volume and revenues from other services, Maya said it continued to achieve profitability in the first quarter this year, following its initial success in 2024.

Last year, the digital bank distributed 100,000 credit cards; a substantial number of cardholders, 40 percent, were first-time cardholders. Maya’s loan-to-deposit ratio of 51.1 percent in the first quarter reflects a high demand for app-based loans among Filipinos.

“Maya also accelerated its topline growth in the same quarter, building further on the more than 100 percent revenue growth achieved in full-year 2024 versus 2023,” Maya said.

Recently, Maya announced its partnership with Pepsi-Cola Products Philippines Inc., which aims to provide tools for digital payments and credit to more than 200,000 distributors and sari-sari stores.