ONB cash transactions hit P14 billion in first semester

MANILA, Philippines - One Network Bank (ONB) has reported total cash transactions of P14.3 billion in the first six months of 2010, or a 25-percent increase from the P10.7 billion in the same period in 2009.

That is an average P2.4 billion worth of cash moved every month for the last six months.

The Mindanao-based rural bank moves cash through two channels: through 96 automated teller machines (ATMs) via cash withdrawals, and through 75 branches through interbranch remittance transactions.

Interbranch remittance transactions, under the ONB PeraDala product line, increased by 23 percent to P7.6 billion as of end June 2010, largely from cash transfers from one ONB branch for deposit to an account in another branch.

Through the online electronic fund transfer system of ONB, this transaction can be done through any available teller over the counter and will only take a few minutes to complete.

The increase can also be largely attributed to the bank’s very affordable transaction charges.

ATM cash withdrawals, likewise, climbed from P5.6 billion in the first semester of 2009 to P6.7 billion as of the same period this year.

The 20-percent growth is attributed to ONB’s increase in ATM cardholder base, which averages more than 4,000 new cardholders a month. The rural bank’s popular PeraAgad ATM Pinoy Card is known for its affordable opening and maintaining balance of only P100.

Another contributor is its wide network of 96 ATMs located all over countryside Mindanao.

ONB is the 2009 MegaLink awardee for Most Strategically located ATMs, due to its 13 PeraAgad ATMs belonging in the top 50 onsite ATMs, and another eight in the top 50 offsite ATMs of MegaLink’s 2,600 ATMs nationwide.

ONB is the leading rural bank in the country with total resources of P9.48 billion, total deposits worth P7.38 billion, and a capital adequacy ratio (CAR) of 20 percent in end July 2010.