CIMB Group Holdings Bhd group chief executive officer Novan Amirudin
PETALING JAYA: CIMB Group Holdings Bhd
aims to accelerate growth and continue to lead the market as the group unveiled its new six-year roadmap, Forward30.
The latest strategic plan is designed to also future-proof the organisation while reinforcing its core purpose of advancing customers and society.
On top of that, group chief executive officer Novan Amirudin said the Forward30 strategic plan will serve as the group's guiding principle on how it will compete and lead in the market, leverage on its endowment and strong Asean network to optimise capital and resources, drive sustainable financial performance, and create long-term shareholder value.
“Predicated on global megatrends such as geopolitical shifts, cyclical economic policies, as well as the rapid advancement of generative artificial intelligence, Forward30 ensures that the group remains nimble in navigating an increasingly complex operating environment while being focused on accelerating growth in areas we are winning, as well as keeping our customers at the heart of everything we do,” he said in a statement.
The latest strategic plan was introduced following the successful completion of Forward23+, which had improved the group's return-on-equity (ROE) from 2.1% in 2020 to 11.2% in 2024.
The Forward23+ had also delivered annualised total shareholders return of 34.6% from 2020 to 2024. Following the success of Forward23+, CIMB believes it is well-positioned for its next phase of growth.
According to CIMB, the realisation of F23+ was mainly attributed to the successful reshaping of portfolios in the respective markets, hard wiring of a new corporate culture, an unwavering focus on improving asset quality, and improving efficiencies and resiliencies
On that note, the Forward30 strategic plan will be anchored on four strategic growth levers, namely capital, cash, cross-sell and capabilities.
Under the capital lever, the bank will optimise and reallocate its capital as a move to strengthen overall portfolio.
Under the cash lever, CIMB will build a leading deposit franchise to reduce cost of funds by 10 to 20 basis points by 2030.
The remaining two levers, cross-sell and capabilities, will see CIMB unlocking values through the “one-bank” approach to offer clients from all segments with integrated financial solutions and deliver best-in-class services and propositions by embracing ‘simpler, better, faster’ approaches to increase productivity and efficiency, respectively.
By 2030, CIMB aims to achieve a top three in net promoter score, top quartile ROE among regional peers, current account savings account ratio of 45%, non-interest income ratio of between 33% and 34% and cost-to-income ratio in the low 40%s.
“We will actively pursue opportunities to reimagine our operating model, unlock new areas of growth while generating long-term sustainable value.
“Our commitment remains on delivering positive shareholder returns and ensuring that our future success creates tangible benefits for all stakeholders,” Novan added.
