CIMB Bank doubles loan offers next year

CIMB Bank Philippines Inc. expects Double the volume of loans granted to Filipinos next year on the back of the encouraging performance of his loan portfolio this year.

The country’s 33rd-largest bank by assets said it disbursed about 25 billion pesos this year to its borrowers, double what it made in 2021. The lender also increased its cash transactions to more than 100 billion pesos this year.

CIMB Bank CEO Vijay Manoharan said in a briefing last Thursday that 60 per cent of their current loan portfolio is taken up by loans of P2,000 to P4,000. But some of the loans they made were larger and amounted to 1 million pesos.

“We will increase our loan book very strongly, close to doubling from the current situation,” Manoharan said. “We see very strong performance and a healthy quality of our books.”

These loans are usually taken out by Filipinos to pay utility bills, education, home improvement, medical bills and other daily needs while waiting for the next paycheck to arrive.

CIMB Bank has also partnered with SeaMoney Finance Philippines Inc. To introduce 2.5 million loan customers in 2023, doubling the 1.3 million Shopee “buy now pay later” or BNPL users in the country.

The partnership will also provide an exclusive savings rate to all of its BNPL customers. The system allows Shoppe users to purchase items today and pay for the same transaction at a later date.

“We will be able to provide Filipinos with an easier and more flexible option to finance their e-commerce purchases and ultimately fulfill their life purpose,” said Manoharan.

The bank has been operating in the Philippines for the past four years, and said it has since grown to more than six million customers, including 2 million lenders.

CIMB Bank is offering a savings interest rate of 12 percent per annum for the month of December.

The bank also has plans to provide loans to micro, small and medium-sized enterprises. Manoharan said they will start examining how they can help small business owners next year.

“We, at CIMB, have been humbled by the overwhelming trust and trust from our customers since our launch in 2018. Our customers have embraced a new way of banking, the CIMB way of digital banking;

CIMB Bank Philippines allows Filipinos to open deposit accounts without fees and maintain balance. The bank promises to make opening accounts easy and completed within 10 minutes using smartphones.

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