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April 24, 2024

CIMB Bank Philippines expects loan book to double amid significant customer growth

In a statement, CIMB Bank Philippines, Inc. (CIMB) announced that it ended the first quarter with a remarkable seven million customers, driven by growth in its deposit and lending portfolio.

Of these customers, 2.5 million were loan customers, reflecting a doubling of loan customer numbers from the fourth quarter of 2022.

The significant growth in loan customers was observed across all of CIMB Bank’s lending products, including GCredit, SPayLater, app-based Personal Loan, and REVI Credit.

The bank attributes its success to its commitment to providing an unmatched banking experience, offering market-leading deposit rates, affordable loan interest rates, and convenient accessibility through partnerships with platforms like GCash and Shopee.

Bankero and CIMB Bank Chief Executive Officer Vijay Manoharan expressed confidence in the banks ability to double its loan balance sheet by the end of 2023 while maintaining a healthy level of nonperforming loans.

He added that the bank’s focus on digital-only banking has enabled it to deliver a secure and accessible digital banking experience to its customers, making it easy for them to access financial services anytime and anywhere.

“As pioneers of digital-only banking in the country, our strong performance inspires us to continuously bring our clients the banking experience that they deserve by providing true value, convenience, and a highly secured digital banking experience that is easy to access anytime and anywhere,” Manoharan said.

The bank has accumulated a transaction value of over P120 billion and reported total assets of P30.258 billion as of the end of 2022, according to data from the central bank.

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