KUALA LUMPUR (March 9): Despite the challenging environment, CIMB Group Holdings Bhd, the country’s second largest lender by assets, has set some ambitious targets to be achieved over the next five years.
The blueprint, known as “Forward23”, is aimed at accelerating growth and future-proof the banking group’s business.
Under the blueprint, CIMB has outlined three financial targets to be achieved by 2023 — a return on equity (ROE) of more than 12%, a common equity tier 1 (CET1) ratio of over 13% and a cost-to-income ratio of below 45%.
There are also non-financial targets related to customer experience, ESG (environmental, social and governance) rankings and ratio of digitally-skilled staff.
Forward23 follows the completion of its Target 18 (T18) transformation programme, a four-year recalibration plan launched in 2014.
To reflect its strong commitment towards value creation for its stakeholders, CIMB said its new vision statement – advancing customers and society – aims to sharpen its focus on customers, innovation and sustainable practices.
With Forward23, CIMB aims to scale and accelerate growth in Malaysia and Indonesia; reposition and grow in Thailand, Singapore and Cambodia; and incubate and invest in Vietnam, the Philippines and new ventures.
What else does it entail? Read about it in the latest issue of The Edge, featuring an interview with CIMB group chief executive officer Tengku Datuk Seri Zafrul Aziz.