In the last decade, substantial improvements have been achieved in quantitative satellite precipitation estimates, which are essential for a wide range of applications. In this study, we evaluated the performance of Integrated Multi-satellitE Retrievals for GPM (IMERG V06B) at the sub-daily and daily scales. Ten years of half-hourly precipitation records aggregated at different sub-daily periods were evaluated over a region in the Western Mediterranean. The analysis at the half-hourly scale examined the contribution of passive microwave (PMW) and infrared (IR) sources in IMERG estimates, as well as the relationship between various microphysical cloud properties using Cloud Microphysics (CMIC–NWC SAF) data. The results show the following: (1) a marked tendency to underestimate precipitation compared to rain gauges which increases with rainfall intensity and temporal resolution, (2) a weaker negative bias for retrievals with PMW data, (3) an increased bias when filling PMW gaps by including IR information, and (4) an improved performance in the presence of precipitating ice clouds compared to warm and mixed-phase clouds. This work contributes to the understanding of the factors affecting satellite estimates of extreme precipitation. Their relationship with the microphysical characteristics of clouds generates added value for further downstream applications and users’ decision making.