This helped Maya cut losses by about 42 percent to P700 million in the first semester of the year, compared to a loss of P1.2 billion during the same period in 2023, data from PLDT showed.
Maya, backed by PLDT, KKR, Tencent, and International Finance Corp., saw its financial metrics improve as banking generated more cash than expenses from April to June this year.
Big picture
Turning cash positive is a major milestone for Maya Bank, one of the few licensed digital lenders that were established to serve the country’s massive unbanked sector.
According to the Bangko Sentral ng Pilipinas, most of the country’s digital banks are unprofitable due to high costs.
Focus on profitable lending
Maya aims to grow its footprint while scaling “lending profitably”, according to PLDT.
This strategy contributed to Maya Bank’s 4.3 percent loan growth, reaching P46.8 billion as of June 24.
It also reported a 133 percent surge in borrower accounts to 1.2 million, while its 4 million customers saw a 32 percent increase in deposit balances, totalling P32.8 billion.
What’s next?
Maya plans to harness partnerships to reach and serve the vast customer base of PLDT and SMART.
Part of its loan growth strategy is to offer financing for PLDT and SMART gadgets via fintech partner Tala.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
