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MALAYSIA |
Prudence and caution was the mantra at CIMB Bank in the past year, and it served the bank and its chief executive Abdul Rahman Ahmad well. Revenues in 2022 rose 7.6% year on year, net profits before tax rose 38.1% and loans 5.6%. The bank also gained market share in mortgages, auto loans and credit cards.
Like other Malaysian and regional banks, CIMB has invested heavily in its digital offerings. The result has been a 29.4% compound annual growth rate (CAGR) since 2019 in the number of digital transactions and a 51.7% CAGR in digital revenue.
CIMB’s digital boost has come at a good time as the bank is increasingly keen to become a leader in Malaysia’s growing wealth management market. Having good apps to cater to this clientele is essential in keeping them engaged.