MANILA - CIMB Philippines has set ambitious growth targets, planning to double its balance sheet and exceed 10 million customers within the next three years. The bank is preparing for a significant expansion in its operations, buoyed by a favorable economic forecast and strategic initiatives aimed at increasing its market share.
The bank is gearing up for a loan growth rate of nearly 40% for the year. This aggressive target is supported by expectations of a more accommodative monetary policy from the Bangko Sentral ng Pilipinas (BSP), with policy rates projected to ease by approximately 50 basis points in the upcoming months. Such a move by the BSP would likely reduce borrowing costs and could stimulate demand for loans, benefiting banks like CIMB.
In addition to its loan growth, CIMB Philippines is also predicting a robust increase in deposits, forecasting an annual growth rate of about 25%. The anticipated growth in both loans and deposits is indicative of the bank's optimistic outlook on the Philippine economy and its ability to attract and retain customers.
Despite the competitive landscape marked by the presence of six BSP-licensed digital banks, CIMB Philippines remains confident in its growth trajectory and does not see the need to seek an additional license. The bank's strategy includes the introduction of new products and the establishment of partnerships, which are expected to contribute to its loan growth and help achieve its customer acquisition goals.
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