CIMB Bank PH hits 6 million subscribers, P197B in transactions

CIMB BANK Philippines, Inc. (CIMB Bank PH) recorded a total transaction value of P197 billion in the third quarter, higher by 39% from the same period last year, it said in a statement on Tuesday.

The bank also grew its customer base to six million clients, a million more from the previous quarter.

CIMB Bank PH saw its deposit and cash in transactions this year increase to over P100 billion by the end of the third quarter.

The digital lender also doubled its loan disbursements to more than P25 billion. Its REVI Credit product was a key factor in the growth of its loan portfolio, which extended a total credit limit of more than P5 billion in under nine months.

“Our continuous growth in the past four years is a testament to our unwavering commitment to drive the digitalization of the country towards financial inclusion and giving customer greater value and empowering more Filipinos to pursue their life goals,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said.

“We are humbled by what we have achieved because we owe our success to our six million customers, who we are committed to help each of them and their families to solve their financial needs and help them realize their dreams,” Mr. Manoharan said.

In August, CIMB Bank PH launched its Visa virtual card powered by its REVI Credit offering. The virtual card allowed REVI Credit users to shop online without using a physical card.

CIMB Bank PH launched REVI Credit for all its customers in December 2021.

The service gives clients access to higher credit limits of up to P250,000 and interest rates as low as 1% with no annual fees. It also allows clients to convert a portion of their credit lines into cash or a term loan at any time for emergency financing needs.

In 2021, CIMB Bank PH also partnered with Lalamove Philippines and Pru Life UK to make financial services more accessible to Filipinos. It is currently serving around seven million Filipinos and over 1.5 million lending customers.

The commercial bank provides mobile-first digital banking solutions and services. Its total assets as of June stood at P24.37 billion, based on central bank data. — K.B. Ta-asan