CIMB Philippines, a digital-only commercial bank, said that they are now targeting a customer base of 10 million and double their balance sheet for the next three years.

The bank lander said that as part of such measures, they are set to partner with more firms so as to be able to roll out their additional products in the near term.

CIMB Philippines chief business and strategy officer Ankur Sehgal, noted that they are looking to increase its customer base by up to 1.5 million this year.

They plan to continue such a growth trajectory to reach their “conservative” target of 10 million after hitting 7.5 million at the end of 2023.

“In the next three years, we are targeting to cross more than 10 million customers, so that’s gonna be our official target in the next three years, but of course, internally, we would definitely, we may end up higher,” he said.

Records said that out of CIMB’s 7.5 million clients, there were 3 million of them that had availed of credit services — a number that the bank seeks to sustain double-digit growth in its loans.

“In terms of projection, we are targeting a yearly growth of almost 40%, so we are targeting to double our balance sheet in the next three years,” Sehgal said.

“We also have a couple more big partners lined up, is coming up, we’ll share with you officially soon in the next couple of months. With those new partners coming on board, we are expecting our lending growth to be doubling down in the next few years,” he added.