Singapore boon for CIMB

The turnaround in CIMB Singapore comes following a shift in the bank’s business towards segments that yield higher returns.

PETALING JAYA: The valuation of CIMB Group Holdings Bhd may get a boost from its Singapore operations that have made a significant turnaround after having impaired oil and gas as well as marine sector loans in 2020.

With just one branch, CIMB Singapore contributed to about 15% to CIMB Group’s first half year (1H24) pre-tax profit, 10% of group loans and 14% of total group deposits.