The digital bank business is fast developing into a square-off between PLDT’s Maya and the Aboitiz Group’s UnionBank digital or UnionDigital, with Maya posting better numbers.
AP Digital said Maya is navigating better than rivals in the financial landscape of digital banks by expanding its credit portfolio, enhancing merchant offerings, and supplementing its consumer portfolio with credit card loans.
Maya will be an earnings driver for the PLDT group this year, especially if the MVP Group’s flagship pushes through with plans to increase its stake in Maya.
Maya narrowed its losses to P940 million in 2024 and booked a profit in December 2024, lending credence to expectations of reaching full profitability this year.
Carrying over this momentum, Maya posted its first quarterly profit in 1Q 2025, which aligned with management’s expectations. For its payments business, Maya claims that it processed over P1 trillion in merchant payments in 2024, making it the country’s top merchant acquirer.
Maya disbursed P28 billion worth of loans in the first quarter, a massive jump from the P6.7 billion the previous quarter, bringing the cumulative total loans disbursed to P120 billion. On the asset quality side, Maya’s 3.8-percent non-performing loans remained relatively low versus the 8.88 percent average for digital banks in 2024.
The bank’s total deposits hit P43.6 billion as of the end of the first quarter, resulting in a loan-to-deposit ratio of 51.1 percent.
As of 2024, Maya‘s loan portfolio is around three times larger than UnionDigital’s. On the other hand, its deposit base of P39.3 billion is P13.9 billion larger than GoTyme’s P25.4 billion.
While the other digital banks focused their lending efforts on easy credit and personal loans, Maya has entered the credit card space with the launch of its first credit card in partnership with warehouse retailer Landers.
With scalable digital platforms, improving return on equity (RoE), and strong parent backing, UBP is well-positioned to deliver long-term value. The stock offers an attractive entry point into a digitally driven, undervalued bank poised for recovery. Retain buy rating with a target price of P46.10.
UnionDigital, however, is emerging from a strategic transformation with stronger fundamentals and a more resilient business model.
While profitability weakened during its digital build-out and balance sheet reset, forward-looking indicators point to a recovery in earnings, margin stability, and improved asset efficiency.
The bank’s RoE is stabilizing above 6 percent, and earnings per share are on a multi-year growth path, supported by digital scaling, disciplined lending and margin expansion.
Operating efficiency is also improving, with better asset turnover and signs of margin normalization. The bank’s asset-light, tech-enabled approach is translating to a more productive use of capital, even with less leverage, according to Regina Capital Development Corp.