CIMB records 8 million clients at end-May

MANILA, Philippines — Digital-only commercial bank CIMB Bank Philippines Inc. said it is poised to achieve “significantly stronger” income growth this year, logging a record-high of eight million customers as of end-May and total active accounts exceeding 11 million.

CIMB Bank PH CEO Vijay Manoharan told reporters the bank was able to achieve profitability in 2023 due to high interest income, significant growth in loans receivables and fees as well as an increase in lending balance sheet.

“Five years into our business, we are amongst the very few digital banks globally that can confidently say that we are a profitable venture. We are no longer in the red. That is a significant milestone on top of still investing in the business,” he said.

Manoharan said the bank would continue to invest and grow its business responsibly for the long term.

“Having surpassed the eight million customer milestone, we also reaffirm our dedication to delivering the best digital banking experiences and value, all while promoting financial inclusion for all Filipinos,” he said.

According to the bank, its customer base rose by more than 23 percent to eight million clients as of end-May, making CIMB the only commercial bank with full-fledged digital-only services with the highest number of customers in the Philippines.

The bank’s deposit customers also grew to 6.5 million. It was also able to disburse P25 billion to P30 billion loans as of end-May, with the number of borrowers surpassing 3.5 million.

“This success is a result of the collective efforts of our hardworking CIMB Mavericks, wanting to impact change, and the trust bestowed upon us by our loyal customers,” Manoharan said.

“Looking ahead, we remain steadfast in our mission to redefine banking in the digital age and helping more Filipinos not only to save but to have access to affordable credit, and that’s been our sole mission and purpose in the Philippines, which is to help and to serve,” he said.

According to Manoharan, the bank is targeting to disburse P75 billion in loans this year, 23 percent higher from the end-2023 level.

He also expects non-performing loans to grow by single-digit levels this year, adding that around 95 percent of borrowers are able to pay their loans responsibly, while the remaining five percent borrow in large amounts and sometimes find themselves unable to repay their loans.

On the funding side, the bank is aiming for a total deposit cash-in level of P500 billion, three times higher than the end-2023 level. Total deposit cash-ins stood at P100 billion as of end-May.