Digital banking services provider CIMB Bank Philippines has ended the year 2022 with a strong performance on both its deposits and lending portfolios.

CIMB Bank PH reached its all-time high cash-in transaction value of PHP 128 billion in 2022, 68% higher versus PHP 76 billion in 2021 while growing its lending disbursements by 167% to 38 billion from 14 billion year to year.

Vijay Manoharan

Vijay Manoharan

Vijay Manoharan, CEO of CIMB said that 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 added.

Manoharan attributed the all-time high deposits of the bank to the success of its 12% per annum (p.a.) anniversary promo where the bank saw deposits increased by over PHP 1 billion within the first five days of the promo’s launch.

“By offering the highest ever interest rate in the country, CIMB Bank PH allowed its customers to earn a 12% p.a. interest rate on their incremental Average Daily Balance (ADB) growth for December,”

he said.

CIMB Bank PH also doubled its lending customers to 2 million in 2022 from 1 million the previous year, while improving overall asset quality and NPLs.

Manoharan cited CIMB Bank PH credit products such as REVI Credit and GCredit and the launch of its partnership with SeaMoney for SPayLater for the phenomenal performance of the bank’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.

Print Friendly, PDF & Email

Source: https://fintechnews.sg/69649/lending/cimb-philippines-closes-2022-with-strong-performance-in-deposits-lending-portfolios/