THE surge in loans and onboarding of over 600,000 new customers has allowed CIMB Bank Philippines Inc. to triple its revenues in the first semester of 2023.
CIMB Bank, the digital-only commercial bank, raised its revenues by 240 percent between January and June 2023 compared to last year.
This was due to the 150-percent growth in its loan portfolio and gaining 660,000 new customers during the period.
“This sustained growth puts CIMB in a stronger position to support our customers by helping them achieve their life purpose and goals,” CEO Vijay Manoharan said.
“We would like to thank them for their unwavering support, and rest assured that we have more exciting products and services in the pipeline, as well as new areas and segments to serve in the near horizon,” he added.
CIMB data showed its loan customers have breached 2.56 million, showing a 40-percent growth of loan customers from year-ago figures. Its customer base grew to 7.13 million as of June 2023 from 6.47 million in 2022 while its deposit customer count grew to 6.02 million from 5.7 million in 2022.
CIMB noted that its virtual cards also reinforced its embedded banking business model in providing accessible financial solutions to Filipinos.
These solutions, the bank said, are aligned with the Bangko Sentral ng Pilipinas in strengthening customer preference for digital payments. The bank currently has close to 500,000 Visa virtual and physical card customers.
CIMB also saw an increase in debit card transactions and usage after the launch of its virtual debit card, the bank‘s statement read. Users of the card can transact online through their savings accounts.
CIMB is the country’s 32nd-largest bank by total assets at P29.626 billion, according to a list by the Bangko Sentral ng Pilipinas.
