KUALA LUMPUR: CIMB Group Holdings Bhd reported an increased net profit of RM2.03 billion for the third quarter ending September 30, 2024 (3Q 2024), up from RM1.85 billion in the same period last year. The company announced that its revenue rose to RM5.74 billion from RM5.31 billion previously.
According to BERNAMA News Agency, CIMB’s net profit for the first nine months of its financial year ending December 31, 2024 (9M FY2024), climbed to RM5.93 billion from RM5.27 billion in the same period last year. Revenue also increased to RM16.97 billion, compared to RM15.64 billion previously. The rise in revenue was attributed to growth in net interest income (NII) and non-interest income (NOII). NII saw a year-on-year increase of 6.0 percent, driven by asset growth, while NOII rose by 14.4 percent year-on-year to RM5.39 billion due to stronger fees, treasury client sales, and trading income.
The group’s performance was supported by strong operating income growth, disciplined cost management, and improved asset qua
lity, aided by its diversified ASEAN portfolio that serves multiple client segments. On a constant currency basis, CIMB’s total gross loan growth was positive at 4.3 percent year-on-year, supported by strong demand across markets, while deposits saw a slight year-on-year increase. Current account savings account (CASA) balances grew by 4.5 percent year-on-year, raising the CASA ratio to 42.0 percent as of September 2024.
CIMB Group’s Chief Executive Officer, Novan Amirudin, stated that the banking group is on track to meet its FY2024 targets as it nears the final quarter of its Forward23+ journey. The group plans to continue exploring strategies to optimize costs while remaining vigilant in managing risks amid economic uncertainties and market volatility. He emphasized the group’s cautious approach towards external uncertainties and its commitment to closely monitoring the macroeconomic environment while having confidence in its current strategies.
Amirudin highlighted that significant investments have been
made to enhance technology resiliency, aiming to deliver superior customer experiences. The group intends to strengthen its deposit franchise and focus on the theme of “simpler, better, faster” throughout its operations, which will be central to its new strategic plan. Further details of this plan are expected to be announced in the first quarter of 2025.