THE Philippine business of Malaysia’s CIMB Group announced recording a 323-percent growth in gross transaction value to more than P142 billion end-September as against the same period in 2020.
In a statement, CIMB Bank Philippines Inc. also announced to have acquired close to five million customers to date and currently have almost a million lending customers in its portfolio. The bank touted this as “reinforcing [its] role in driving financial inclusion and contribution to the Bangko Sentral ng Pilipinas’s (BSP) digitalization goal for the country.”
“As the pandemic continually reshapes various aspects of daily life—including banking—CIMB Bank Philippines continues to make banking easier and more accessible to all Filipinos,” the lender said. “This led to significant growths across multiple categories versus the same period last year.”
The bank said its deposits increased by 247 percent to more than P62 billion, while loan disbursements grew by around 1100 percent to P9.3 billion.
CIMB Bank Philippines CEO Vijay Manoharan was quoted in the statement as saying that the driving force behind this growth “has always been to provide Filipinos real value and accessible financial solutions that enable them to provide more for their themselves and their families.”
Manoharan added they are “humbled with the overwhelming loyalty of our customers over the two years we have been in operations.”
Recently, CIMB Bank Philippines released an all-digital and on-demand credit product. Through this, Filipinos can have a credit line of up to P250,000, which they can use to pay bills, withdraw cash, and shop online.
The bank said the product it calls “Revi” lets customers instantly convert their credit line into cash or a term loan, which can be paid for in flexible terms and at low interest rates. The lender said it plans to sell the product to all CIMB customers in the coming months.