Politics

CIMB cash-in transactions hit all-time high in 2022

2 Mins read

CIMB BANK Philippines, Inc. (CIMB Bank PH) saw a 68% growth in total transaction value in 2022, citing strong performance on its deposits and lending portfolios.

The bank said in a statement on Monday that it reached an all-time high cash-in transaction value of P128 billion in 2022, 68% higher than the P76 billion recorded in 2021.

Loan disbursements also more than doubled (167%) to 38 billion from 14 billion a year prior, the bank said.

“2022 has been a year of unprecedented growth as we continue our innovative embedded banking digital business model. We are proud to be the leader in disrupting the banking experience and will continue to bring unmatched value and experience to our customers,” CIMB Chief Executive Officer Vijay Manoharan said.

He attributed the higher deposits to its 12% per annum anniversary promo, where the bank saw deposits rise to over P1 billion within the first five days of the promo’s launch.

“By offering the highest ever interest rate in the country, CIMB Bank PH allowed its customers to earn a 12% per annum interest rate on their incremental average daily balance (ADB) growth for December,” he said.

The digital lender also saw its customer base double to two million last year from one million in 2021, while improving its asset quality and nonperforming loans.

Mr. Manoharan attributed the strong performance of its lending portfolio to CIMB Bank PH credit products REVI Credit and GCredit, as well as the launch of its partnership with SeaMoney for SPayLater.

“We are excited for the coming new year as we continue to live out our mission of providing Filipinos accessible digital financial solutions so that they can achieve their life purpose,” he added.

In November 2022, the bank partnered with SeaMoney to onboard 2.5 million loan customers this year, adding to the 1.3 million SPayLater users in the country.

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

CIMB Bank PH provides mobile-first digital banking solutions and services. It is currently serving around six million Filipinos and over two million lending customers.

The bank’s total assets as of September stood at P24.4 billion, based on central bank data. — Keisha B. Ta-asan