CIMB Bank PH sees faster profit growth as it rolls out more products

CIMB BANK Philippines, Inc. (CIMB Bank PH) expects faster net income growth next year as it plans to expand its offerings for underserved sectors.

“We continue to be growing quite aggressively, even for next year. Both from the top line and bottom line… [Our] profit will grow at a higher rate. Profit will grow even more,” CIMB Bank PH Chief Executive Officer Vijay Manoharan told BusinessWorld.

Mr. Manoharan earlier said the bank expects to post “higher than single digit” net income growth this year.

“Right now, it’s above single digits already. So, very much on track,” he said.

The lender’s customer base has reached 8.5 million depositors and about 3.5 million borrowing relationships, he said last week. The bank also aims to disburse P75 billion in loans this year and to reach a total deposit cash-in level of P500 billion.

The digital-only commercial bank’s profit growth in 2025 will be driven by expectations of faster loan and deposit expansion on the back of the new products it plans to launch, Mr. Manoharan said.

“It’s another 40% to 50% growth (for loans and deposits). So, every year we will tend to grow 30% to 50% year over year.”

CIMB Bank PH will launch credit and insurance products for overseas Filipino workers (OFWs) in the first half of 2025, he added.

The lender last week launched CIMB Kababayan, which will allow OFWs to open an account via the CIMB app using an international SIM card. The savings account has no opening and maintaining balance and offers a high interest rate of 15% per annum. It aims to onboard half a million depositors in the next two years through CIMB Kababayan.

CIMB Bank PH will also introduce offerings for small and medium enterprises in the first quarter of 2025, Mr. Manoharan said.

“That’ll be savings, borrowings, payments, and insurance,” Mr. Manoharan said. “We want to address their needs, provide them capital, give them access to credit, and help them save.” — Aaron Michael C. Sy