CIMB BANK Philippines, Inc. (CIMB Bank PH) saw its profit before tax last year grow by 45 times from the 2023 level as it continued to expand its customer base.
“This is a reflection of the growing demand of Filipinos for our innovative banking solutions, which in turn addresses our customers’ needs. This truly keeps us driven to continue delivering products and offers that empower them to achieve their financial goals.” CIMB Bank PH Chief Executive Officer Vijay Manoharan said in a statement on Monday.
CIMB Bank PH’s financial statement was unavailable as of press time.
The digital-only commercial bank said its customer base is now at over nine million following six years of operations in the Philippines.
This puts it on track to reach its target to exceed 10 million new customers by this year, CIMB Bank PH said.
“When we first established CIMB in the Philippines back in 2018 as the pioneer all-digital banking services provider, our mission was and still is to give every Filipino access to banking and provide effortless banking with real value passed on to the everyday consumer. This promise was meaningful yet challenging, but in just six short years, we are proud to be the trusted partner of over nine million Filipinos and counting,” Mr. Manoharan said.
Meanwhile, the bank’s loan customers stood at nearly four million, it said. Transactions also climbed past P800 billion at end-2024.
“More great things are in store for the bank this year as well, as it is poised to launch more trailblazing products, enter new market segments, and form new strategic partnerships which will surely delight its nine million customers and counting,” it added.
Mr. Manoharan previously said the bank expects faster income growth this year as they plan to expand their offerings for underserved sectors.
Loans are expected to grow by 35-40% this year, he said.
CIMB Bank PH broke even in 2023, based on the CIMB Group’s annual report posted on its website. It had more than 7.4 million customers at end-2023, up from 6.5 million at end-2022.
It posted an annual loan growth of 89% in 2023, while deposits increased by 2024 year on yer.
“CIMB Philippines is expected to continue operating on a robust growth trajectory as the leading digital bank in the market. We will continue to scale on acquisitions, deposits and loans at manageable credit risk costs while seeding new growth for the business,” CIMB Group said in its 2023 annual report.
CIMB Group is based in Malaysia and offers consumer, commercial, wholesale, and Islamic banking, as well as wealth management and digital payment products and services across Southeast Asia. CIMB Bank is the group’s commercial bank in Malaysia, which has subsidiaries in Thailand, Cambodia and Vietnam and branches in the Philippines, China, Singapore, and London. — AMCS
