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Keisha Ta-Asan - The Philippine Star
February 28, 2025 | 12:00am
Maya said its customer base surged to 5.4 million by end-2024, a 71-percent increase from 2023. Meanwhile, deposits climbed 58.5 percent to P39.3 billion from P24.8 billion a year ago.
Philstar.com / Irra Lising
MANILA, Philippines — Maya Bank saw a strong financial performance in 2024, achieving group-wide profitability while expanding its digital banking and payments business.
Maya said its customer base surged to 5.4 million by end-2024, a 71-percent increase from 2023. Meanwhile, deposits climbed 58.5 percent to P39.3 billion from P24.8 billion a year ago.
The digital bank also nearly doubled its borrower base to 1.6 million last year, with cumulative loan disbursements hitting P67.6 billion in 2024 alone.
Maya said that it is one of the few digital banks in the country to achieve profitability, but the lender did not reveal specific financial figures.
“Achieving profitability at the group level while scaling rapidly underscores our ability to drive sustainable growth,” Shailesh Baidwan, Maya Group president and Maya Bank co-founder said in a statement.
“We are building a digital-first financial ecosystem that is accessible, innovative and designed to empower millions of Filipino consumers and MSMEs to save, borrow, invest and make and receive payments,” he said.
A key driver of Maya’s lending growth was its entry into the credit card market, with over 125,000 credit cards issued in just six months.
The Landers Cashback Everywhere Credit Card, launched in August 2024, gained strong traction due to its fully digital application and instant activation via the Maya app. Notably, nearly 40 percent of cardholders were first-time credit card users.
Maya’s loan-to-deposit ratio increased to 42 percent in 2024. The bank also maintained a lower non-performing loan ratio of 3.5 percent compared to the industry average of 7.1 percent.
“With continued momentum in banking, lending, and payments, Maya remains focused on expanding its credit and lending portfolio, enhancing its enterprise solutions and scaling sustainably while deepening financial inclusion,” the bank added.
Maya also said that it maintained its leadership in digital payments, holding the largest market share in card acquiring and QR PH transactions.
