CIMB confident about growth after solid 2024 results, meeting Forward23+ targets
KUALA LUMPUR: CIMB Group Holdings Bhd remains optimistic about its growth trajectory after delivering a strong financial performance in 2024 and successfully executing its Forward23+ strategic plan.
Chairman Tan Sri Mohd Nasir Ahmad, speaking at the group's 68th annual general meeting (AGM) today, said 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 its Forward23+ targets.
"These achievements have further strengthened our position as the leading focused Asean bank and delivered an annualised total shareholders return of 34.6 per cent from 2020 to 2024," he said.
All 12 resolutions tabled were approved by shareholders at the AGM, with the audited financial statements for the financial year ended December 31,2024 (FY24) duly received.
CIMB delivered a return on equity of 11.2 per cent in 2024, up from 10.7 per cent in 2023, driven by its deposit-led strategy, enhanced cross-sell initiatives, disciplined cost control and better asset quality.
The group declared a total annual dividend of 47 sen per share, translating to a payout ratio of 55.5 per cent and a record total dividend payout of RM5.04 billion for FY24.
CIMB also maintained a strong capital position with a common equity tier 1 ratio of 14.6 per cent as at end-December 2024.
Group chief executive officer Novan Amirudin said the completion of the Forward23+ roadmap had laid a solid foundation for CIMB to thrive in a rapidly changing global landscape.
Novan said the group has strategically reshaped its portfolio, broadened revenue streams, strengthened asset quality, increased focus on efficiency and resiliency, while remaining agile in a dynamic market environment.
Novan said 2025 marks a pivotal chapter for CIMB as the group transitions from its Forward23+ strategy to its newly-launched strategic roadmap, Forward30, which is anchored on the group's 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," he added.
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