CIMB Bank Philippines reported solid growth in its customer base for the first half of the year, fueled by attractive deposit promotions.

In a statement on Monday, Sept. 9, the digital-only commercial bank said that its customer count surged 14 percent to 8.1 million as of June 2024 from 7.1 million in the same month last year.

The bank attributed this double-digit growth to promotional offerings designed to attract customers seeking higher returns on their savings. 

“CIMB continues to offer some of the most attractive deposit promotions in the market, with consistent high-yield interest rates of up to 15 percent per annum,” the bank stated.

To recall, CIMB Bank PH has launched MaxSave, a digital time deposit savings account with the highest available interest rate, ranging from 5.75 percent to 6.5 percent.

Aside from expanding its customer base, CIMB Bank PH reported a 34 percent increase in its loan customers to 3.5 million from 2.6 million in the same period last year.

CIMB Bank PH also said that total deposit inflows for the first half of 2024 reached over P167 billion, a 69 percent increase from P99.3 billion in the same period last year. 

Additionally, total loan disbursements amounted to P31.9 billion, a 19 percent rise 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,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said.

“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,” he added.

Lastly, CIMB Bank Philippines has announced that it is set to unveil more partnerships in the near future as part of its expansion plans to reach new customer segments, including MSMEs.