The 2.5 million loans that CIMB Bank PH, a digital banking services provider, recorded in the first quarter of 2023 (Q12023) are attributable to the growth of its deposit and lending portfolios. The bank’s total number of customers reached 7 million.

According to the CIMB Bank PH, it reached a transaction value of more than P120 billion for the same period. Its active users also grew more than 50% in the last 12 months and it had the highest monthly active users in March 2023.

“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,” Vijay Manoharan, CEO, CIMB Bank. 

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CIMB Bank PH particularly showcased a strong performance on its lending portfolio. The Bank doubled its loan customers in the last 12 months to 2.5 million by the end of March 2023.

Embedded banking

“We expect to double our loans balance sheet by the end of 2023 from the previous year, while keeping our non-performing loans (NPLs) at very healthy levels,” Manoharan said.

The Bank currently has a suite of lending products, ranging from cash loans, revolving credit lines, and buy-now-pay-later (BNPL) products. Through these, the Bank extends loans ranging from P2,000 to as high as P1 million. It also offers app-based Personal Loans and REVI Credit products.

“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,” said Manoharan.