GoTyme Bank targets 50% loan growth

GOTYME Bank is aiming to grow its loan book by 50% next year, backed by the continued growth of its customer base.

“What’s been happening is that our revenue and gross profits are growing faster than our customer base now. So, for the next few years, we were forecasting more than 50% growth in the financial metrics but then continue to grow by 3 to 4 million customers a year,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke told reporters on the sidelines of an event on Wednesday.

The bank aims to surpass P50 billion in deposits in 2026 and for revenues to hit $160 million, he added.

As of November, GoTyme Bank’s deposits stood at P40 billion from P25 billion last year, while loans doubled to P6 billion from P3 billion. The bank is also facilitating over 15 million transactions a month.

After reaching 8 million customers as of Wednesday, GoTyme Bank expects to end the year with between 11 and 12 million customers as it averages an additional 250,000-300,000 users per month.

“I think I said when we launched the bank, it’s going to take five years to reach 10 million customers. We’re going to do it in three-and-a-half years. So, we’re very happy with the growth. I think now we’re very much focused on expanding the credit products, the lending products, expanding the investment products, and expanding the remittance offering,” Mr. Clarke said.

For this year, GoTyme Bank forecasts faster growth than next year in terms of customers, deposits, loans, and revenues. Mr. Clarke added that he expects revenues to grow by an annual 70% for this year to $100 million.

“Obviously off a higher base, but in a similar range next year, maybe in the mid to high 50s. So, I think we’re in no way taking the pedal off of the gas.”

Despite new digital banks potentially entering the market next year, Mr. Clarke said GoTyme Bank’s partnership with the Robinsons Retail Group and Go Rewards gives them an edge in terms of customer acquisition and retainment with their kiosks. He added that the digital bank will be deepening these partnerships with the addition of Cebu Pacific.

Following GoTyme Bank’s integration of Google Pay through the launch of Google Wallet, Mr. Clarke said they are making sure the bank will be ready to enable Apple Pay once it launches next year as near-field communication payments are expected to grow as fast as the adoption of QR Ph.

“We were informed by Visa that we’re actually the number one in terms of newly registered and as well as payment value since launch… So, it’s been explosive in terms of uptake, which means we’re very excited for the other xPay, as they call it, Apple Pay, next year,” he added.

GoTyme Bank will also roll out stock investment features in the first quarter of next year in partnership with DragonFi Securities, Inc. following the launch of crypto trading and investments this month.

It is also planning to introduce more credit and investment products such as global stocks and build its remittance offerings following its partnership with Wise earlier this month. It will also complete the rollout of kiosks in SM Stores next year.

GoTyme Bank booked a net loss of P3.44 billion in 2024, widening from the P2.47-billion loss in 2023 amid higher operating expenses, its latest annual report showed.

Gross revenues reached P1.8 billion, while its gross operating income was P1.2 billion.

It is a partnership between the Gokongwei group and Singapore-based Tyme Group and began commercial operations in October 2022 as one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. — Aaron Michael C. Sy