CIMB posts 19% loan growth in H1

MANILA, Philippines — CIMB Bank Philippines Inc. saw its loan disbursements jump by 19 percent to P31.9 billion in the first half from P28.6 billion a year ago amid its growing customer base.

In a statement yesterday, the digital-only commercial bank said it has logged 8.1 million clients as of June, 14 percent higher than last year’s 7.1 million.

Loan customers also surged by 34.6 percent to 3.5 million from 2.6 million.

Total deposits zoomed to above P167 billion in the first semester from P99.3 billion in the same period last year.

“Our remarkable achievements in the first half of 2024 are a testament to the dedication and innovation of our entire team and the trust that our customers have bestowed upon us,” CIMB Bank PH CEO Vijay Manoharan said.

Early this year, the bank launched a digital time deposit savings account called MaxSave, offering the highest interest rate in the market at the time.

Customers can opt for a three-month term that lets them earn 5.75 percent per annum interest, or work on mid-term goals of six months with six percent p.a. interest. Clients could also aim for long-term goals of 12 months with 6.25-percent interest.

CIMB Bank formed a strategic partnership with e-commerce platform Lazada to boost LazPayLater, a payment solution that allows customers to enjoy flexible payment options, enhancing the online shopping experience for millions of users.

The bank also has existing alliances with digital wallet powerhouse GCash and another e-commerce platform Shopee.

On the other hand, CIMB has an ongoing partnership with Visa that aims to boost the payment landscape in the Philippines and contribute to the financial inclusion goals of the country.

CIMB also plans to unveil more strategic partnerships as it seeks to expand into new customer segments, including micro, small, and medium enterprises.

“CIMB is more than just a bank. We are a catalyst for positive change, empowering our customers with cutting-edge solutions and making a tangible difference in our communities sothat no one will be left behind,” Manoharan said.