CIMB BANK Philippines, Inc. (CIMB Bank PH) recorded a 19% growth in loan disbursements in the first semester amid an increase in its customers.
The digital-only commercial bank’s loans stood at P31.9 billion in the first half of the year, up from P28.6 billion last year, it said in a statement on Monday.
CIMB Bank PH Chief Executive Officer Vijay Manoharan previously said they aim to disburse P75 billion in loans this year, which would mark a 23% growth from the end-2023 level.
On the funding side, CIMB Bank PH saw its deposit cash-ins surge by 69% year on year to P167 billion in the first half from P99.3 billion.
The bank is targeting a total deposit cash-in level of P500 billion by end-2024, which would be up by 200% from the 2023 level.
Meanwhile, the lender’s customer base expanded by 14% to 8.1 million from 7.1 million.
Loan customers also increased to 3.5 million from 2.6 million.
CIMB Bank PH aims to reach 8.5 million customers this year and grow its customers by a million annually.
It expects to log “significant,” above single-digit net income growth this year, it earlier said. — Aaron Michael C. Sy
