CIMB PH says deposits up by P4B after launch of 25% interest promo

Digital-only commercial lender CIMB Bank Philippines on Tuesday said it grew its deposits by P4 billion in a month after offering its year-end promo of up to 25% interest rate as part of its sixth anniversary.

According to CIMB Philippines chief executive officer Vijay Manoharan, the growth in deposits came after the 25% per annum interest rate promo that started on November 1, which will last until December 31, 2024.

“We have already exceeded our target. We thought we will grow not even P4 billion for the entire two months, but we grew the two months’ worth in one month,” he told reporters in Taguig City.

“If we hit P5 billion, P6 billion, we’re very happy, but we are P4 billion now — it’s already exceeded what we expected in 30 days. It was a surprise for the takeup,” he added.

Under the year-end promo, CIMB offers 3.5% interest on all balances, an additional 2% by growing the average daily balance (ADB) by at least P1,000; an additional 4.5% by growing the ADB by at least P5,000; an additional 6.5% by growing by at least P10,000; and an additional 8.5% by growing by at least P50,000.

Manoharan on Tuesday said CIMB is also looking to offer stock market investments, and is now looking at options for this to be available in its platform as early as 2025.

“We want to give people the option that if you want to do a small investment or small trade to buy Filipino stocks, you can do that,” he added.

Manoharan said the bank’s total customers are now between 8.8 million to 8.9 million, already higher than the 8.5-million goal it reported in June, and the 7.5 million recorded as of end-2023. It seeks to grow its lending disbursements by 35% to 40 in 2025. —RF, GMA Integrated News