CIMB BANK Philippines, Inc. (CIMB Bank PH) saw its revenues grow by 240% in the first six months of the year, driven by an increase in loan disbursements.

The bank’s loan portfolio went up by 150% year on year in the first half, CIMB Bank PH said in a statement on Wednesday.

“This sustained growth puts CIMB in a stronger position to support our customers by helping them achieve their life purpose and goals. We would like to thank them for their unwavering support, and rest assured that we have more exciting products and services in the pipeline, as well as new areas and segments to serve in the near horizon,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said.

The bank’s customer base grew to 7.13 million at end-June from 6.47 million, with the deposit customer count rising to 6.02 million from 5.7 million.

Meanwhile, loan customers grew by 40% year on year at end-June, breaching 2.56 million, CIMB Bank PH said.

“CIMB also saw an increase in debit card transactions and usage, due to the launch of the CIMB Virtual Debit Card,” the bank said.

“The virtual cards reinforce the bank’s embedded banking business model in providing accessible financial solutions to Filipinos and are in alignment with the Bangko Sentral ng Pilipinas (BSP) in strengthening customer preference for digital payments,” it added.

The BSP wants to digitize 50% of the volume and value of retail transactions and to have 70% of Filipino adults be part of the formal financial system by the end of this year.

CIMB Bank PH said it currently has close to 500,000 virtual and physical Visa card customers. 

The bank added that it will be announcing new partnerships “soon” in addition to its current partnerships with GCash and Visa, and will also announce plans to expand to new customer segments. — AMCS