3 weeks ago
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Keisha Ta-Asan - The Philippine Star
February 23, 2025 | 12:00am
CIMB Bank Philippines CEO Vijay Manoharan told reporters that the bank onboarded nine million customers and nearly four million loan relationships in 2024. It aims to surpass the 10-million mark this year.
Businessworld / CIMB.COM
MANILA, Philippines — Digital-only commercial bank CIMB Bank Philippines Inc. expects to double its income growth in 2025, driven by the expansion of its digital banking services and new product offerings, its top official said.
CIMB Bank Philippines CEO Vijay Manoharan told reporters that the bank onboarded nine million customers and nearly four million loan relationships in 2024. It aims to surpass the 10-million mark this year.
“We expect to double in 2025 from 2024,” he said. “The growth trajectory is still quite strong. As the business matures, we would be able to grow at an aggressive pace.”
CIMB earlier reported that it recorded a 45-fold increase in profit before tax in 2024 compared to the previous year. It also recorded P800 billion in transactions and disbursed P100 billion in loans last year.
Beyond transaction volumes, CIMB expects its income to rise significantly as it rolls out more financial products and strengthens customer engagement.
One of the new products includes the launch of CIMB Pay, a feature within the CIMB Bank PH app that enables secure, cashless transactions through the QR Ph network.
Despite being in its early stages, the feature is projected to process between 300 million and 500 million in transactions per month once it gains traction.
“We think we can easily do 100 million a month, but the goal is to reach 300 to 400 million very soon and continue growing from there,” Manoharan said.
CIMB’s customer base skews young, with 70 percent under the age of 25, reflecting the bank’s broad market reach across different income segments.
Manoharan also said that unlike traditional foreign banks that target affluent customers, CIMB serves a diverse demographic, including middle- and lower-income Filipinos.
With the introduction of new products and deeper customer engagement, Manoharan is optimistic that CIMB will sustain its momentum, driving both customer and income growth in the Philippine market.
