CIMB Group Holdings Berhad announced positive financial performance with a profit before tax of RM7.21 billion for the nine months ended 30 September 2023 (“9M23”), a 13.5% increase year-on-year.
Net profit increased by 28.0% to reach RM5.27 billion, which translates to earnings per share of 49.4 sen. The group said the annualised return on average equity improved to 10.7% from 9.1% recorded in the previous nine months ended 30 September 2022. The positive performance was driven by sustained operating income growth and lower provisions as the Group continues to benefit from its diversified ASEAN portfolio.
CIMB’s total gross loans growth momentum continued, rising 6.4% YoY, underpinned by strong demand across markets and segments, whilst deposits grew 8.6% YoY despite persistent competition for deposits in all markets. Total current account saving account balances expanded by 2.1% YoY, bringing about a CASA ratio of 39.2% as at Sep-23.
For the third quarter ended 30 September 2023, the Group reported operating income growth of 6.2% to reach RM5.31 billion compared to 3Q22. This, coupled with lower provisions, led to a 3Q23 PBT of RM2.49 billion and a net profit of RM1.85 billion, representing an increase of 13.2% and 31.3% respectively, compared to 3Q22.
Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group said, “We will continue to strengthen our CASA and deposit franchise, to help moderate the competitive deposit environment and sustain NIM levels.”
