CIMB Bank PH's gross transaction value triples in nine months

The bank now has nearly 5 million customers in total, and almost 1 million lending customers.

CIMB Bank Philippines saw its gross transaction value triple in the first nine months of 2021 compared to the same period in 2020, and a customer network of close to five million users.

In a press release, the bank shared that it has recorded $2.8b (PHP142b) in transaction value as of 30 September, 323% higher than during the same period the previous year.

The bank now has almost one million lending customers in its portfolio since it first opened two years ago.

Deposits increased over twofold (247%) to more than $1.22b (PHP62b), whilst loan disbursements grew 1100% to $183m (PHP9.3b) in YTD first nine months of 2021 compared to the same period last year.

CIMB identified the pandemic’s impact on daily life as a major driver for its growth. 

The bank recently released a new credit offering, REVI Credit, touted as the first all-in-one, all-digital, and on-demand credit product in the Philippines. Through REVI, Filipinos can reportedly access a credit line of up to PHP250,000, which they can use to pay bills, withdraw cash, and shop online.

Notably, REVI lets customers instantly convert their credit line into cash or a term loan.