The Philippines business of Malaysia’s CIMB Group said it expects its deposit balances to grow by 500 percent this year following the recent uptick in the average cash-in per customer.
“CIMB’s momentum for customer acquisition stood strong throughout April to June, with the significant increase in average deposits allowing CIMB Bank PH to already surpass its 2020 deposit target,” a statement by CIMB Bank Philippines Inc. on Thursday read.
In the second quarter, CIMB saw its average cash-in per customer advance by 160 percent. It also recorded growth in savings account openings and personal loan applications during the first three months of lockdown in the country.
The all-digital bank said it was anticipating to go beyond its initial target of four million customers, targeting now to reach five million within the next year.
CIMB booked its highest monthly loan disbursement in June. The bank noted that 51 percent of the successful loan applicants claimed it was their first time to have a bank loan. Majority or 98 percent of the clients with outstanding borrowings said they were “willing to consider applying for a loan” again with the bank.
“As the most-awarded digital bank in the country, we recognize that we are in a unique position to provide our customers with accessible solutions, especially during this period of adjustment wherein digital adoption is necessary for individuals and businesses,” CIMB Bank Philippines CEO Vijay Manoharan said.
In March, CIMB announced it was launching a financial assistance program for coronavirus disease 2019 (Covid-19) patients.
The bank said it also donated P1 million through its efforts with group Rise Against Hunger Philippines, the UP Medical Association and GCash; the donation helping over 6,000 families and 73,000 individuals.
“The challenges that this pandemic has presented to us have only fueled us to do more as we continue to find ways to support our customers, with our commitment to leading Filipinos into financial freedom,” Manoharan said.