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CIMB Group Achieves Forward23+ Targets Amid Uncertainties

KUALA LUMPUR: CIMB Group Holdings has achieved its Forward23+ targets despite external uncertainties, reaffirming its commitment to becoming the leading focused ASEAN bank.

Nasir Ahmad

Speaking at the company’s 67th annual general meeting (AGM) virtually with shareholders, the group’s Chairman Datuk Mohd Nasir Ahmad said that with the varied challenges in the banking industry in 2023, CIMB marked an exciting phase as the Forward23+ strategic plan continued to gain strong momentum.

“For the second consecutive year, we have achieved the top quartile within the global banking industry in the S&P Global Corporate Sustainability Assessment, achieving our Forward23+ targets 2 years ahead of the plan.

“Among 400 international financial institutions, CIMB ranked 7th worldwide in the 2023 Financial System Benchmark.

“These recognitions reinforce our ongoing sustainability agenda and leadership as we strive for sustainable growth to unlock new possibilities and opportunities into the future,” he said in a statement filed with Bursa Malaysia.

Meanwhile, CIMB Group’s Chief Executive Officer Datuk Abdul Rahman Ahmad said the bank made significant progress under the Forward23+ strategic plan and is on track to deliver the targets across most profitability metrics set under the plan 4 years ago.

“As we enter the final year of Forward23+, our focus is to enhance current account savings account (CASA) and deposit franchise with an emphasis on effective balance sheet management to improve net interest margin regionally.

“Further, we intend to maintain non-interest income growth through wealth management and affluent segment, as well as to continue our cost discipline and improve asset quality to deliver our ambitious 2024 targets,” he added.

CIMB Group saw continued positive momentum in the financial year ended 31 December 2023 (FY23), driven by strong underlying performance across all business segments and geographies.

Over the past 2 years, the Group has achieved cumulatively RM86.2 billion of sustainable finance under the group’s Green, Social, Sustainable Impact Products and Services (GSSIPS) Framework, inching closer to its revised sustainable finance target of RM100 billion by 2024, tripled from the initial target of RM30 billion announced in 2021.

— BERNAMA

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