THE local operation of CIMB Group Holdings Berhad announced signing up close to 4 million customers within a little over two years after its launch.
In a statement on Tuesday, CIMB Bank Philippines Inc. said it has signed in over 600,000 new customers in the first three months of the year. This drove their deposits to grow by 460 percent in the first quarter despite the economic fall-out from government response against the pandemic.
The annual average balance per customer has also increased by 235 percent while the average cash-in per customer grew by 355 percent.
CIMB is a Malaysian banking giant that formally launched its presence in the Philippines in January 2019 through an all-digital platform.
CIMB Bank Philippines said that the growth in deposits was across all customer segments but noted a double digit increase in savings among its customers. The all-digital bank offers a 4-percent per annum interest rate for savings accounts.
The banks also noted that 20 percent of their new depositors have CIMB as their first banking relationship.
“Our vision is to promote inclusivity by providing Filipinos superior financial solutions and digital experience that they deserve,” CIMB Bank Philippines CEO Vijay Manoharan was quoted in the statement as saying. “Also we are committed to providing every consumer the same opportunity to attain financial freedom wherever they are in their financial journey.”
Apart from savings, the bank said personal loan applications have grown by 150 percent with loan disbursements increasing by 85 percent versus the same period last year.
According to CIMB Bank Philippines, more than half of their successful loan applicants have CIMB as their first bank loan.
Manoharan told the BusinessMirror in January they are banking on the tightening of lending standards among conventional financial institutions to beef up its loan portfolio. “If you look at industry statistics, most banks are tightening and reducing the lending facilities given the pandemic,” he said, noting there is an “unfulfilled” demand.
That month, CIMB said it aims to have five million customers this year.
In 2020, the bank saw its customer base doubled to over three million. Of these clients, 30 percent said CIMB was their first bank account.