Leading digital banking services provider CIMB Bank PH ended Q1 2023 with strong growth in customer acquisition to close with 2.5 million loan customers and close to 7 million total customers, driven by the growth on its deposit and lending portfolios.
During the past quarter, the Bank has garnered a transaction value of more than PHP 120 billion. The Bank also saw a significant increase in its active users; CIMB Bank PH achieved its highest monthly active users in March 2023, growing more than 50% in the last 12 months.
CIMB Bank Chief Executive Officer Vijay Manoharan ascribes the Bank’s success to its innovative embedded banking strategy. “Since our launch, we have always focused on providing our customers an unmatched banking experience through offering market-leading deposit rates, affordable loan interest rates and being accessible through our different partners, like GCash via CIMB GSave and GCredit and more recently, Shopee, through SPayLater loans,” said Manoharan.
CIMB Bank PH particularly showcased a strong performance on its lending portfolio. The Bank currently has a suite of lending products, ranging from cash loans, revolving credit lines, and buy-now-pay-later (BNPL) products. Through these, the Bank extends loans ranging from PHP 2,000 to as high as PHP 1 million. As a result, the Bank doubled its loan customers in the last 12 months to 2.5 million by end of March 2023. Manoharan noted that this growth can be seen across all its lending products – from its app-based Personal Loan and REVI Credit products, to its partnership-based products GCredit and SPayLater. “We expect to double our loans balance sheet by end 2023 from the previous year, while keeping our non-performing loans (NPLs) at very healthy levels,” Manoharan added.
“As pioneers of digital-only banking in the country, our strong performance inspires us to continuously provide our clients with 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,” said Manoharan. “Through our innovative embedded banking model, we will continue to provide Filipinos with meaningful financial solutions that provide real value, so that they can fulfill their life’s purpose.”
CIMB Bank PH was also recently recognized by Forbes as the Philippines’ Top 1 Bank in its 2023 World’s Best Banks ranking. Headquartered in the United States, Forbes is a globally renowned business magazine known for their highly regarded business lists and rankings. Tapping market research firm Statista, the publication conducted a worldwide study that surveyed 48,000 banking customers in 32 countries. Shortlisted banks were then ranked according to customers’ general satisfaction and recommendation of the bank, and ratings in five key areas: trust, terms and conditions, digital services, customer services and financial advice.