CIMB Group underlying business proves resilient in FY20 despite pandemic effects

From left: CIMB Group CEO Datuk Abdul Rahman Ahman and chairman Datuk Mohd Nasir Ahmad.

KUALA LUMPUR: CIMB Group Holdings Bhd’s underlying business proved to be resilient in the financial year ended Dec 31, 2020 (FY20) despite the adverse effects of the COVID-19 pandemic.

The group said its aggressive cost reduction targets were exceeded, with a 5.5 per cent or RM524 million decrease in operating expenses, leading to an improved cost-to-income ratio (CIR) of 52.2 per cent, down 1.2 per cent year-on-year (YoY).