iBank boosts total deposits by 25%

International Exchange Bank (iBank) continues to grow despite the difficult business environment in the country today.

Compared to last quarter, the bank’s total deposits grew by 25 percent from P17.1 billion in June to P21.4 billion as of September.

This 25 percent increase in deposits of iBank in the third quarter is the highest among all local commercial banks. Because of this substantial increase in deposits, iBank now ranks number 14 in assets among all local and non-governmental owned commercial banks.

"The key to the continued growth in our deposits is that despite the volatile financial markets and negative business sentiment, we are able to remain focused on our mission to provide superior service to all our clients. Service excellence continues to be our passion and way of life," iBank’s executive vice president for branches Nilo Pacheco Jr. said.

To date, iBank has 59 on-line branches nationwide and recently acquired an additional 11 branch licenses from the Philippine Deposit Insurance Corp. These 11 branches are expected to be opened next year and will bring iBank’s total number of branches to 70.

iBank continues to launch new products geared towards helping clients do their day-to-day financial transactions in a faster and more efficient way. Some of these products include payroll services, check cutting services, check warehousing, mobile banking, call center and installation of remote banking terminals.

"Our primary goal is always the convenience of our clients" Pacheco said.