29 April 2025
Kuala Lumpur: CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) held its 68th Annual General Meeting (“AGM”) today at Sime Darby Convention Centre, where all 12 ordinary resolutions tabled were successfully passed, and the audited financial statements for the financial year ended 31 December 2024 (“FY24”) were duly received. The meeting was chaired by Tan Sri Mohd Nasir Ahmad, Chairman of CIMB Group, with the Board of Directors and Novan Amirudin, Group CEO of CIMB Group, in attendance.
CIMB Group saw robust performance in 2024, driven by strong client franchise business. The year-on-year (“YoY”) performance was underpinned by a proactive pivot to deposit-led strategy to preserve net interest margins (NIMs), increasing cross-sell opportunities, maintaining disciplined cost controls, and improving asset quality. As a result, the Group successfully increased its return on equity (“ROE”) to 11.2% in 2024, up from 10.7% in 2023, while meeting most of the financial targets set under the Forward23+ strategic plan.
CIMB Group remains well-capitalised, with its Common Equity Tier 1 (“CET1”) ratio of 14.6% as at Dec-2024, demonstrating the Group’s continued capital strength and resilience. The Group declared a total annual dividend of 47.00 sen per share, representing a payout ratio of 55.5%, with a record total dividend payout of RM5.04 billion for FY24.
Speaking at the AGM, Tan Sri Mohd Nasir Ahmad remarked, “On behalf of the Board, I would like to extend my sincere gratitude and appreciation to all our stakeholders for their steadfast trust and partnership over the past year. 2024 marked a rebound for Malaysia, which exceeded expectations and provided a strong foundation for the banking sector. This enabled CIMB to navigate volatilities with confidence and stability, while meeting our Forward23+ targets, which have strengthened our position as the leading focused ASEAN bank and delivered annualised total shareholders return of 34.6% from 2020 to 2024."
Novan Amirudin said, “Forward23+ has strengthened the Group’s foundation to navigate the ‘new world order’ from a position of strength. We strategically reshaped our portfolio, broadened revenue streams, strengthened asset quality, increased focus on efficiency and resiliency, while remaining agile in a dynamic market environment. Our vision to drive meaningful change continues to play centre stage as we embrace a customer-centric approach that benefits both customers and society in the markets we operate."
“2025 marks a pivotal chapter for CIMB as we transition from our Forward23+ strategy to our newly launched strategic roadmap, Forward30, which is anchored on our purpose of advancing customers and society. Forward30 has a strong focus on optimising capital allocation and reimagining banking through a truly customer-centric model. We are seeing increased business opportunities in the ‘new world order’, especially with intra-regional trade, which will benefit an integrated ASEAN franchise like CIMB. We are committed to delivering Simpler, Better and Faster experiences for our customers, while empowering our employees with Simpler, Better and Faster processes."
“As we look ahead, we will continue to double down on technology including GenAI, to elevate our customers’ banking experience, improve productivity and resiliency. This is central to our ambition of becoming the top-of-mind ASEAN bank, by securing a top three Net Promoter Score ranking across our key markets. We will be relentless in our execution as we pursue these goals, and we remain confident in our ability to navigate volatility, underpinned by the strength and resilience of our franchise. We are deeply grateful for the trust placed in us, and we are focused on unlocking new areas of growth while maintaining a strong balance between purpose and performance.” Novan concluded.
