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).
Topline resilience, cost discipline and proactive measures to protect asset quality enabled the group to strengthen its financial position and ensure it remains well-capitalised against shocks, leading to its highest ever common equity tier 1 (CET1) ratio of 13.3 per cent, it said in a statement following its Annual General Meeting and an Extraordinary General Meeting here today.
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