MANILA, Philippines — Transactions handled by digital banking services provider CIMB Bank Philippines is nearing P200 billion as the bank grew its customer base to six million as of the end of the third quarter.
The bank reported a 39-percent jump in transaction value to P197 billion as of end-September.
Vijay Manoharan, CEO at CIMB Bank Philippines, said the bank owes its success to its six million customers.
“We are humbled by what we have achieved because we owe our success to our six million customers, who we are committed to help each of them and their families to solve their financial needs and help them realize their dreams,” Manoharan said.
CIMB Bank managed to grow its customer base by a million more compared to the end of the third quarter of last year.
“Our continuous growth in the past four years is a testament to our unwavering commitment to drive the digitalization of the country towards financial inclusion and giving customer greater value and empowering more Filipinos to pursue their life goals,” Manoharan said.
As the country’s pioneer in digital banking, CIMB continues to enjoy strong growth in its deposit offerings, growing deposit and cash in transactions this year to more than P100 billion.
It also doubled its loan disbursements to over P25 billion as it introduced Revi Credit, a key driver in its loan portfolio growth, which extended a total credit limit of more than P5 billion in just under nine months.
As more players enter the digital banking space, CIMB continues to cement its position as one of the country’s leading digital banks through innovation and strategic partnerships.
Last August, CIMB launched its Visa virtual card powered by its Revi Credit offering. The virtual card enabled Revi Credit users to shop online without using a physical card in any Visa-accepted online merchants.
In 2021, the bank also inked partnerships with various industry leaders, like Lalamove Philippines and Pru Life UK, to make its financial services more accessible to Filipinos.
CIMB Bank Philippines, a commercial bank providing innovative mobile-first digital banking solutions and services established in 2018, currently serves around six million Filipinos and over 1.5 million lending customers.