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CIMB expects loans to double

CIMB BANK Philippines, Inc. (CIMB Bank PH) expects its loan book to double by yearend while keeping nonperforming loans (NPLs) low after it saw significant customer growth.

The lender said in a statement that it ended the first quarter with seven million customers, driven by a growth in its deposit and lending portfolio.

Of the total, 2.5 million of its customers in the last 12 months were loan customers, doubling from the fourth quarter of 2022.

The bank added that it recorded its highest monthly active users in March, growing more than 50% in the last 12 months.

CIMB Bank Chief Executive Officer Vijay Manoharan said the loan customer growth was seen across all its lending products, including the aforementioned GCredit and SPayLater, as well as its app-based Personal Loan and REVI Credit products.

“We expect to double our loans balance sheet by end 2023 from the previous year, while keeping our nonperforming loans at very healthy levels,” he said.

“Since our launch, we have always focused on providing our customers an unmatched banking experience through offering market-leading deposit rates and affordable loan interest rates, and being accessible through our different partners, like GCash, via CIMB GSave and GCredit, and more recently, Shopee, through SPayLater loans,” Mr. Manoharan added.

CIMB Bank PH currently offers loans ranging from P2,000 to P1 million through cash loans, revolving credit lines, and buy now, pay later products.

“As pioneers of digital-only banking in the country, our strong performance inspires us to continuously bring our clients the banking experience that they deserve by providing true value, convenience, and a highly secured digital banking experience that is easy to access anytime and anywhere,” Mr. Manoharan said.

“Through our embedded banking model, we will continue to provide Filipinos with meaningful financial solutions that provide real value, so that they can fulfill their life’s purpose,” he said.

CIMB Bank PH added that it has accumulated a transaction value of more than P120 billion.

The bank’s total assets as of end-2022 stood at P30.258 billion, according to data from the central bank. — AMCS

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