CIMB Group group chief financial officer Khairul Rifaie and Novan at CIMB Group’s 1H24 financial results press conference.
KUALA LUMPUR (Sept 2): CIMB Group Holdings Berhad (CIMB Group) reported a strong 1H24 performance with a profit before tax (PBT) of RM5.30 billion, up 12.4 per cent year on year (y-o-y) from RM4.72 billion in the first half ended 30 June 2023.
The group’s net profit rose 14 per cent y-o-y to RM3.90 billion from RM3.42 billion.
CIMB group chief executive officer Novan Amirudin remarked, “1H24 reflects another positive performance for the Group.
“Our success is based on customer trust, partner collaboration, and great execution of our Forward23+ strategic plan while remaining agile and sensitive to trends.
“Through its broad ASEAN portfolio, which serves all client categories, the Group achieved solid operating income growth, tight cost reductions, and asset quality improvements.
“In tumultuous markets, the strong risk culture helped the Group manage its risks. We have invested and will continue to invest in technology, systems, and processes to provide a secure and easy banking experience for all our clients.”
CIMB said its 1H24 operational income rose 8.7 per cent y-o-y to RM11.23 billion, with net interest income (NII) up 6.7 per cent to RM7.65 billion due to NIM and asset growth.
Price discipline and deposit-led measures to address sector NIM reduction in 2023 are paying off, with 7bps NIM expansion in 1H24.
Loans rose 4.2 per cent y-o-y across all markets and categories, while deposits rose 2.7 per cent. June 2024 CASA ratio was 40.9 per cent, up from 38.5 per cent in June 2023.
Novan stated, “We are optimistic for the rest of the year, but we are alert and responsive to industry trends like global economic headwinds and market volatility. Our Forward23+ strategy plan will finish this year, and we are creating our next strategic plan, which we will disclose with our FY24 results, taking into account our endowments, consumer demands, trends, and competitive landscape.
“Sustainability is central to our future-proofing strategy. We became the first Malaysian bank to complete its 2030 decarbonisation target setting in pursuit of our 2050 Net Zero commitments by announcing emissions targets for our oil and gas, real estate, thermal coal mining, cement, palm oil, and power portfolios.
The Group remains a good corporate citizen and promotes financial inclusivity. Regionally, CIMB has budgeted RM42 million for CSR and Zakat in 2024. The CIMB ASEAN Scholarship program, which has awarded 120 recipients about RM70 million since 2016, shows that CIMB prioritizes education.
“We are privileged and honored to serve all customer segments from the underserved, SMEs, large corporates, and governments throughout ASEAN and will continue to play our role as a responsible financial partner to advance customers and societies in our markets,” Novan said.
