MANILA, Philippines — Cash-in transactions processed by digital banking services provider CIMB Bank Philippines hit an all-time high of P128 billion last year, a 68-percent jump from P76 billion in 2021, as it continues to drive the digitalization of the country toward financial inclusion and giving customer greater value.
CIMB chief executive officer Vijay Manoharan said the company’s commitment to financial inclusion and providing greater value to customers greatly contributed to many Filipinos shifting to digital banking last year.
“2022 has been a year of unprecedented growth as we continue our innovative embedded banking digital business model. We are proud to be the leader in disrupting the banking experience and will continue to bring unmatched value and experience to our customers,” Manoharan said.
Manoharan attributed the all-time high deposits of the bank to the success of its 12 percent per annum anniversary promo where the Bank saw deposits increase by over P1 billion within the first five days of the promo’s launch.
“By offering the highest ever interest rate in the country, CIMB Bank allowed its customers to earn a 12 percent per annum interest rate on their incremental average daily balance growth for December,” he said.
Manoharan also reported that the bank’s lending disbursements surged by 167 percent to P38 billion from P14 billion as it doubled its lending customers to two million in 2022 from one million in 2021.
According to Manoharan, CIMB was also able to improve overall asset quality and non-performing loans (NPLs).
Manoharan cited the bank’s credit products such as REVI Credit and GCredit and the launch of its partnership with SeaMoney for SPayLater for the phenomenal performance of CIMB’s lending portfolio.
“We are excited for the coming new year as we continue to live out our mission of providing Filipinos accessible digital financial solutions so that they can achieve their life purpose,” he said.
CIMB currently serves more than six million Filipinos and over two million lending customers since its establishment in 2018.
It is part of the CIMB Group, one of ASEAN’s leading banks present in over 16 global markets.