CIMB Bank achieves profitability; breaks new record with 8 million customer milestone

CIMB Bank Philippines, the country’s pioneer and most awarded digital-only commercial bank in the country, showcased remarkable achievements in the past year, witnessing a substantial business growth to achieve profitability* and crossing a record 8 million customer mark in the first half of 2024 and total active customer accounts exceeding 11 million.

This exceptional performance primarily stemmed from the notable increase in interest income, contributed significantly by the growth in loans receivables and fees, with the lending balance sheet almost doubling since 2022.

The Bank's customer base also saw significant growth, increasing by more than 23% since 2022 to 8 million customers as of May 2024, making CIMB the only commercial bank with full fledged digital-only services with the highest number of customers in the Philippines. Moreover, the count of deposit customers rose to 6.5 million, while the number of loan customers surpassed 3.5 million.

“As we celebrate achieving profitability, we continue to invest and grow this franchise responsibly for the long term. ?Having surpassed the 8 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,” said Vijay Manoharan, CIMB Bank PH CEO. “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. 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.”

CIMB recently onboarded e-commerce platform Lazada as new strategic partner, joining the likes of financial giants GCash and Seamoney, driving the embedded banking digital only business strategy. The Bank's pioneering embedded banking model in the country offers savings and lending propositions focused on simplicity, convenience, high value, and fee-free savings accounts, along with seamless and low interest rates personal, revolving, and buy-now-pay-later loan products and schemes.

The Bank is also poised to unveil new strategic partnerships and expansion plans targeting new customer segments in the near future.

“Our work is far from done,” Manoharan continued. “We will continue our mission in disrupting the market with strategic partnerships, innovative solutions, and possible entry to underserved segments like the MSMEs and the Overseas Filipino Workers (OFW). We will continue driving positive impact in the communities we serve and we are here to help the everyday person get ahead in his life.”

The Bank supported total deposit cash ins of over P100 billion as of year-to-date. The Bank is targeting total deposits cash in total value of more than P500 billion by year-end which is a 200% growth from 2023.

Total lending disbursements on the other hand is expected to surpass P75 billion by year-end, also exceeding 2023 levels by 23%.

CIMB Bank’s stellar financial performance in the past year was accentuated by back-to-back accolades from The European Global Banking and Finance Awards and Global Brand Awards, both internationally recognized award-giving bodies, receiving the honors for Leading Innovative Digital Bank of the Year-Philippines and Most Innovative Banking Brand, respectively.

Early this year, the Bank introduced a new time deposit product called MaxSave, offering the highest interest rate in the market of up to 7.5% per annum at the time of launch.

In its five years in the Philippines, CIMB has stayed true to its mission of making every Filipino financially included by challenging the accepted norms of the banking industry. The Bank has blazed its own trail in the industry by coming up with financially inclusive products, best value offers, and partnerships that are truly aligned with the needs of their customers to help them bank the way they want and deserve, including providing access to credit to first-time borrowers, usually previously shunned by traditional banks.

For more information on CIMB, visit www.cimbbank.com.ph

*Profit before tax