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).
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