MANILA, Philippines — Digital-only commercial bank CIMB Bank Philippines delivered impressive financial results for the first half of 2023, with its revenues growing to nearly 240% from its figures in the same period last year.
The bank’s exceptional performance can be attributed to the growth in its loan portfolio, which grew a record-breaking 150% in the aforementioned period.
Its customer base grew from 6.47 million in 2022 to 7.13 million as of June 2023, showing a robust rise from previous year.
Deposit customer count grew from 5.70 million in 2022 to 6.02 million, while loan customers have breached 2.56 million, showing a 40% growth of loan customers from year-ago figures.
CIMB also saw an increase in debit card transactions and usage, due to the launch of the CIMB Virtual Debit Card. Powered by Visa, the CIMB Virtual Debit Card enables Fast Plus, GSave or UpSave account holders to transact online using their savings accounts, safely and securely.
The virtual cards reinforce the bank’s embedded banking business model in providing accessible financial solutions to Filipinos and are in alignment 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.
Buoyed by the strong numbers, CIMB Bank PH CEO Vijay Manoharan expressed his satisfaction and gratitude, stating, “This sustained growth puts CIMB in a stronger position to support our customers by helping them achieve their life purpose and goals. 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.”
CIMB Bank’s strong financial performance for the first half of 2023 is further underlined by its “Number one bank in the Philippines” citation by Forbes World’s Best Banks Ranking, as well as being hailed Best Bank in the Emerging Markets by Global Brands Magazine.
Its proprietary CIMB Bank Philippines Mobile App was also chosen as Best Mobile Banking App – Philippines by Brand and Business Magazine.
The bank pioneered the first-of-its-kind embedded banking model in the country, serving customers with cutting-edge digital savings and lending propositions anchored on simplicity, convenience, high value and the convenience of no fees for savings accounts, as well as attractive personal, revolving and buy-now-pay-later loan products and schemes.
CIMB has partnerships with financial powerhouses GCash and Visa, and the e-commerce platform Shopee. It is set to announce new strategic partnerships soon as well plans of expansion into new customer segments.
This content was prepared by our news partner, VRITIMES. The opinions and the content published on this page are the author’s own and do not necessarily reflect the views of Siam News Network