CIMB Group Holdings Bhd has announced a robust performance for the financial year ended December 31, 2024 (FY2024), with net profit rising to RM7.73 billion, compared to RM6.98 billion recorded in FY2023.
Revenue for the year increased to RM22.3 billion, up from RM21.01 billion in the previous financial year.
In a filing with Bursa Malaysia today, the banking group attributed its strong FY2024 results to a combination of disciplined cost control measures, improved asset quality, and the strategic diversification of its portfolio.
This diversification strategy allowed the group to serve a broad range of clients across various market segments.
"The solid performance in FY2024 was supported by growth in our businesses in Malaysia and Singapore, which outperformed expectations, aligning with the positive economic performance in both nations. Meanwhile, the performance in Thailand continued to stabilise,” CIMB Group stated.
The group also highlighted the resilience of its operations in Indonesia, despite facing stiff competition in the local market.
Looking at the fourth quarter results, CIMB Group’s net profit for the period ending December 31, 2024 (4Q2024), increased to RM1.8 billion, up from RM1.72 billion in the same quarter the previous year. However, revenue for 4Q2024 saw a slight decrease, dipping to RM5.33 billion from RM5.38 billion in 4Q2023.
In light of its strong results, the group announced the proposal of a second interim dividend of 20 sen per share.
This brings the total proposed annual dividend to 47 sen per share, marking a total dividend payout of RM5.04 billion – a new record for the bank.
CIMB Group also reported solid growth in its key financial metrics. On a constant currency basis, its total gross loans grew by a healthy 4.8 percent year-on-year (y-o-y).
Additionally, in line with its deposit-led strategy, total deposits increased by 5.2 percent y-o-y, while current account savings account (CASA) balances saw a notable rise of 7.7 percent y-o-y. This resulted in a higher CASA ratio of 43.1 percent by December 2024.
Looking ahead, Group Chief Executive Officer, Novan Amirudin, emphasised the importance of caution in the group’s outlook.
“While we continue to face challenges, we are confident in the resilience of our ASEAN markets and expect our core financial performance to remain strong.
“Our focus will be on sustaining profitability while maintaining investments in resilience, even amid ongoing external and geopolitical uncertainties,” he said. - February 28, 2025
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