KUALA LUMPUR: CIMB Group Holdings Bhd (the CIMB Group) launched its Forward30 strategic plan yesterday.
It is a new six-year roadmap designed to accelerate growth and future proof the organisation while reinforcing its core purpose of advancing customers and society.
The roadmap follows the successful completion of Forward23+ (F23+) strategic plan, in which the CIMB Group improved return on equity (ROE) from 2.1 percent in 2020 to 11.2 percent.
It also delivered annualised total shareholders return of 34.6 percent from 2020 to 2024.
The success puts CIMB on a good position for its next phase of growth.
The realisation of F23+ was mainly attributed to the successful reshaping of portfolios in the respective markets as well as the hard wiring of a new corporate culture.
An unwavering focus on improving asset quality, and improving efficiencies and resiliencies, too have contributed to the achievement.
“Our Forward30 strategic plan will be our guiding principle on how we will compete and lead in the market, leveraging our endowment and strong ASEAN network to optimise capital and resources, drive sustainable financial performance, and create long-term shareholder value,’ said Group Chief Executive Officer, CIMB Group, Novan Amirudin.
“Predicated on global megatrends such as geopolitical shifts, cyclical economic policies, as well as the rapid advancement of Gen AI, 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.”
The Forward30 strategic plan will be anchored on four strategic growth levers, namely capital, cash, cross-sell, and capabilities.
The CIMB Group will optimise and reallocate its capital to strengthen overall portfolio, and build a leading deposit franchise to reduce cost of funds by 10 to 20 bps by 2030.
It will also unlock value through the ‘one-bank’ approach to offer clients from all segments with integrated financial solutions to unlock new income streams.
To increase productivity and efficiency, best-in-class services and propositions will be delivered by embracing a ‘Simpler, Better, Faster’ approach.
By 2030, CIMB aims to achieve a Top 3 in Net Promoter Score, top quartile ROE among regional peers, CASA ratio of 45 percent, non-interest income (NOII) ratio of between 33-34 percent, and cost-to-income (CIR) ratio in the low 40s percent.
More information on Forward30 strategic plan is available. – BERNAMA
