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Business Times
a day ago
- Business
- Business Times
CIMB set to appoint former Securities Commission chief Syed Zaid as chairman: sources
[KUALA LUMPUR] CIMB Group Holdings is preparing for a leadership transition, with former Securities Commission Malaysia chairman Syed Zaid Albar expected to take over as chairman of the board, according to a report by Bloomberg. Citing sources, the report said the appointment, which is pending regulatory approval, comes as incumbent chairman Mohd Nasir Ahmad prepares to step down after nearly a decade on the board and six years as chairman. Syed Zaid, who led the Securities Commission from 2018 to 2022, is also a founding partner of law firm Albar & Partners. His return to the financial sector comes at a time when CIMB is navigating a more challenging macroeconomic environment across South-east Asia, where it has significant operations in Indonesia, Thailand, Singapore, and Cambodia. The anticipated change in chairmanship follows the group's steady financial performance in the first quarter of 2025. CIMB posted a net profit of RM2 billion, a 1.9 per cent increase from nearly RM2 billion a year earlier, supported by stronger net interest income (NII). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up However, revenue fell 2.3 per cent year-on-year to RM5.5 billion, largely due to continued pressure on net interest margins (NIM), though asset growth helped cushion the impact. NII rose slightly to RM3.82 billion on both a quarterly and annual basis. Non-interest income (NOII) climbed 11.1 per cent quarter-on-quarter, supported by a nearly 19 per cent rise in treasury client sales and a 12.6 per cent increase in fee and commission income. In a filing with Bursa Malaysia, CIMB reaffirmed its commitment to its Forward30 strategic plan that was launched in March. This six-year roadmap focuses on strengthening customer experience, improving operational efficiency, and driving sustainability-led initiatives. The group also recently restructured its leadership in Thailand and Cambodia, while identifying those two markets, along with Singapore, as growth engines for regional expansion. Being South-east Asia's fifth-largest lender by assets, CIMB operates 592 retail branches and employs more than 33,000 staff across 10 markets as at end-2024, serving around 28 million customers. Analysts said CIMB's latest results were broadly in line with expectations, though margin compression remains a concern. Kenanga Research's Clement Chua noted that CIMB, alongside AmBank, was one of the few banks in Malaysia to post a sequential uptick in NIMs. However, gains were offset by declining asset yields and elevated funding costs in Indonesia. While the group maintained its full-year NIM guidance of a deterioration of up to five basis points, analysts said it is now more likely to trend toward the lower end of that range, added Chua. Maybank Investment Bank analyst Desmond Ch'ng said CIMB's wide footprint in South-east Asia exposes it to greater regional volatility compared to more domestically focused peers. 'Any slowdown in Malaysia would weigh on earnings, but the group is also vulnerable to monetary and currency trends in Indonesia and Thailand,' he said, noting that further rate cuts in Indonesia or a weaker rupiah could erode margins and reduce the translated earnings from CIMB Niaga. Despite these challenges, RHB Research analysts David Chong and Nabil Thoo said CIMB is entering this phase of uncertainty with a strong liquidity position, better asset quality, and flexibility to manage funding pressures. They pointed to CIMB's ability to reduce campaign deposit rates in Malaysia by 10 to 20 basis points in May and its strategy to wind down costlier wholesale funding. 'Direct exposure to US tariffs is limited, with less than 3 per cent of CIMB's loans linked to trade-related sectors and just 0.4 per cent of customers deriving over 20 per cent of their revenue from the US market,' they said in a note on Monday (Jun 3).
Bloomberg
2 days ago
- Business
- Bloomberg
CIMB to Name Malaysia's Former Top Regulator Syed Zaid as Chairman
CIMB Group Holdings Bhd., the top underwriter of Malaysian stocks and bonds, is set to name the former head of Securities Commission Malaysia, Syed Zaid Albar, as chairman, people familiar with the matter said. Syed Zaid will replace Mohd Nasir Ahmad, who will retire, the people said, asking not to be identified before an announcement. The appointment also needs regulatory approval, they said.
Barnama
30-04-2025
- Business
- Barnama
CIMB's Forward30 strategic plan positions the Group strongly to chart its next phase of purpose-driven growth
KUALA LUMPUR, April 30 (Bernama) -- CIMB Group Holdings Berhad ('CIMB Group' or 'the Group') held its 68th Annual General Meeting ('AGM') on 29 April 2025 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.
New Straits Times
29-04-2025
- Business
- New Straits Times
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.
