CIMB Group Earns A Profit Of Rp 26.2 Trillion In 2024, Plans To Distribute Dividends Of Rp 7.1 Trillion

CIMB Group Holdings Berhad reported a net profit of RM 7.73 billion (approximately Rp 26.2 trillion) for 2024, marking a 10.7 percent increase from the previous year. The profit before tax (PBT) rose by 9.0 percent year-on-year to RM 10.40 billion (Rp 35.2 trillion), while operational revenue grew by 6.1 percent year-on-year to RM 22.30 billion (Rp 75.7 trillion). Net interest income increased by 5.3 percent, and non-interest income saw an 8.1 percent rise. CIMB attributed this growth to its efficiency strategies and portfolio diversification. CEO Novan Amirudin described these results as evidence of the effectiveness of the Forward23+ strategy. "We are pleased that our focus on client revenue, pricing discipline, and deposits has led to strong performance in 2024," Novan stated in a press release on Sunday (March 2, 2025).

CIMB proposed a second interim dividend of RM 2.1 billion (Rp 7.1 trillion), bringing the total dividend for 2024 to RM 5.04 billion (Rp 17.1 trillion), the highest in CIMB's history. This dividend payment comes amid a 4.8 percent year-on-year growth in loans and a 5.2 percent year-on-year increase in third-party funds. The current account and savings account (CASA) ratio rose to 43.1 percent. Additionally, the common equity tier 1 (CET1) capital ratio stands at 14.6 percent, providing the bank with a buffer to address potential regulatory changes and credit risks. CIMB reported solid business growth in Malaysia and Singapore, while performance in Thailand is stabilizing, and Indonesia remains resilient despite intense competition. The bank holds a majority stake in Bank CIMB Niaga in Indonesia and CIMB Thai in Thailand. The Indonesian banking market is under scrutiny due to the aggressive expansion of digital banks and fintech companies.

CIMB has allocated RM117.0 billion (approximately Rp396.8 trillion) for sustainable products and services, exceeding its target of RM100 billion ahead of schedule. The bank has also been included in the S&P Global Sustainability Yearbook 2025 and achieved the top ranking in the Financial System Benchmark by the World Benchmarking Alliance. Its commitment to sustainability is further demonstrated by the announcement of decarbonization targets across six sectors. However, the effectiveness and impact of these strategies still need to be evaluated within the banking operations. As the Forward23+ strategy concludes, CIMB is preparing to launch a new business plan. The focus will be on sustaining growth and competitiveness in the regional market amid the changing economic landscape of ASEAN.

Tag: CIMB Group PBT