KUALA LUMPUR: CIMB Group Holdings Berhad (“CIMB Group” or “the Group”) delivered a strong financial performance for the financial year ended 31 December 2024 (“FY24”), reporting a net profit of RM7.73 billion, a 10.7% year-on-year (YoY) increase from RM6.98 billion in the previous year. Profit before tax (“PBT”) rose 9.0% YoY to RM10.40 billion, translating to earnings per share (EPS) of 72.3 sen. The Group’s return on average equity (ROE) improved by 50 basis points (bps) to 11.2%.
CIMB Group’s operating income grew by 6.1% YoY to RM22.30 billion, driven by strong growth in both net interest income (“NII”) and non-interest income (“NOII”). NII increased 5.3% YoY to RM15.40 billion, supported by healthy loan growth, while NOII rose 8.1% YoY to RM6.90 billion, led by a robust client franchise business and higher trading income. This improved the NOII ratio to 31.0%, up 60bps YoY.
The Group’s strong FY24 results were underpinned by disciplined cost controls, improved asset quality, and a diversified portfolio strategy. Businesses in Malaysia and Singapore outperformed, in line with economic growth, while operations in Thailand stabilised. In Indonesia, the Group remained resilient despite intense market competition.
Record Dividend Payout
CIMB Group has proposed a second interim dividend of 20.00 sen per share, bringing the total annual dividend to 47.00 sen per share—the highest on record. This translates to a total payout of RM5.04 billion for the year.
Strong Growth in Loans, Deposits & Asset Quality
On a constant currency basis, total gross loans expanded by 4.8% YoY, aligning with market trends. The Group’s deposit-led strategy drove a 5.2% YoY increase in total deposits, while current account savings account (“CASA”) balances grew 7.7% YoY, raising the CASA ratio to 43.1% as of December 2024.
Operational efficiency also improved, with the cost-to-income ratio declining by 20bps to 46.7%. Pre-provisioning operating profit (“PPOP”) grew 6.6% YoY to RM11.88 billion.
Asset quality strengthened further, with total provisions declining by 5.5% YoY to RM1.50 billion. The gross impaired loans (“GIL”) ratio improved to 2.1% (-60bps YoY), while allowance coverage reached a record 105.3%, surpassing pre-pandemic levels. CIMB remains well-capitalised, with its Common Equity Tier 1 (“CET1”) ratio at a strong 14.6%, providing financial flexibility for future growth.
Resilient Fourth Quarter Performance
For 4Q24, CIMB recorded a net profit of RM1.80 billion, up 5.0% YoY. Loan growth was 4.8% higher than December 2023 and 2.4% higher than September 2024 on a constant currency basis. Despite rate cuts in several markets, 4Q24 net interest margin (“NIM”) increased by 2bps to 2.17% YoY, driven by disciplined asset pricing and a deposit-led strategy. NII rose 3.1%, offsetting a weaker NOII.
Completion of Forward23+ Strategy
FY24 marked the successful conclusion of CIMB’s Forward23+ strategic plan, which transformed the Group’s performance. Over the past four years, ROE improved from 2.1% in 2020 to 11.2%, delivering an annualised total shareholder return of 34.6%. The strategy’s success was driven by portfolio reshaping, a strengthened corporate culture, enhanced asset quality, and operational efficiencies.
Commitment to Sustainability & Global Recognition
As a purpose-driven organisation, CIMB continues to lead in sustainability, mobilising RM117.0 billion in Green, Social, and Sustainable Impact Products and Services (“GSSIPS”), surpassing its RM100 billion target ahead of schedule.
CIMB is also the only Malaysian bank recognised in the S&P Global Sustainability Yearbook 2025, joining 66 leading global banks for excellence in climate action, sustainable finance, financial inclusion, governance, and risk management. Additionally, CIMB ranked first globally among 400 financial institutions in the World Benchmarking Alliance’s 2025 Financial System Benchmark. The Group remains the first Malaysian bank to set and announce decarbonisation targets across six sectors.
Outlook for 2025
Novan Amirudin, Group Chief Executive Officer of CIMB Group, commented:
“Our strategy of pivoting towards client franchise income, pricing discipline, and deposits has driven a strong FY24 performance. The success of the Forward23+ strategy reflects our focus on portfolio reshaping, efficiency, resilience, and asset quality improvement. Our ambition to be the leading focused ASEAN bank continues to benefit our customers and stakeholders.”
“Looking ahead to 2025, we remain cautious given external and geopolitical uncertainties. However, we anticipate continued resilience across our ASEAN markets and expect our core financial performance to stay on a positive trajectory. We will prioritise profitability without compromising investments and long-term sustainability.”
“As we embark on our next strategic growth phase, CIMB remains committed to advancing our customers and society across ASEAN. We will focus on optimising capital and resources while driving sustainable growth, making the Group simpler, better, and faster.”
