Manila, Philippines — CIMB Bank Philippines today announced its achievements across multiple fronts in the first half of 2024. As the leading digital-only commercial bank, CIMB continues to set benchmarks in the industry with a robust financial performance and a new suite of innovative products.
Its customer base grew from 7.1 million to 8.1 million as of June 2024, showing a 14% increase from one year ago, while loan customers have increased to 3.5 million, from 2.6 million in the same period last year. Total deposit cash ins on the first half of 2024 alone have exceeded PHP167 billion from P99.3 billion in the same period last year—springing 69%, while total loan disbursements have amounted to PHP31.9 billion, a 19% jump from last year’s P28.6 billion.
"Our remarkable achievements in the first half of 2024 are a testament to the dedication and innovation of our entire team and the trust that our customers have bestowed upon us,” said CIMB Bank PH CEO Vijay Manoharan. “CIMB is more than just a bank; we are a catalyst for positive change, empowering our customers with cutting-edge solutions and making a tangible difference in our communities so that no one will be left behind. As we move forward, we remain committed to pushing boundaries, setting new standards, and creating a brighter, more inclusive future for all."
At the start of the year, CIMB introduced MaxSave, a digital time deposit savings account offering the highest interest rate in the market at the time of launch. Customers can opt for a 3-month term that lets them earn 5.75% p.a. interest, or work on mid-term goals of 6 months with 6% p.a. interest, or also aim for long-term goals of 12 months with 6.25% p.a. interest, or a 24-month term that earns the highest interest of 6.5% p.a.
CIMB Bank has further expanded and reinforced its leadership in the embedded banking space through a strategic partnership with e-commerce platform Lazada, powering LazPayLater, an innovative solution that allows customers to enjoy flexible payment options, enhancing the online shopping experience for millions of users. CIMB has existing alliances with digital wallet powerhouse GCash and another e-commerce platform Shopee.
It also has an ongoing partnership with Visa, a global leader in payments technology, that aims to boost the payment landscape in the Philippines and contribute to the financial inclusion goals of the country.
CIMB is set to announce more strategic partnerships soon as the bank plans to expand into new customer segments including MSME.
The Bank pioneered the first-of-its-kind embedded banking model in the country, serving customers with cutting-edge digital savings and lending propositions anchored on simplicity, convenience, high value, and the convenience of no fees for savings accounts, as well as attractive personal, revolving, and buy-now-pay-later loan products and schemes with low interest rates.
CIMB continues to offer some of the most attractive deposit promotions in the market, with consistent high-yield interest rates of up to 15% per annum. These promotions have strengthened the Bank's deposit base, catering to customers seeking high returns on their savings.
CIMB also remains the Most Awarded Digital-Only Commercial Bank in the country with its 107 prestigious awards, 8 of which came in the first half of 2024. These accolades reflect the bank's unwavering commitment to excellence in digital banking services, customer experience, and innovation.
The Bank also recently leveraged on its ‘positive disruptor’ history to launch the first Pinoy Mavericks Awards, a program that seeks to honor individuals who have achieved triumph over adversity, highlighting the Bank's mission of financial inclusion as a way towards economic progress and nation-building.
