Going for growth

The plan now is to cut another RM300mil to RM500mil in the next couple of years.

“When we developed our strategy Forward23+, the plan was very clear. There are a number of themes but the main theme is really to deliver what we call sustainable financial returns,” Abdul Rahman says. “And these are areas that CIMB has traditionally been very strong in, and where the opportunities are very significant.”

CIMB has always had a strong position within this segment, according to Abdul Rahman, especially with regards to its Preferred and Private Banking. E-wallet operator TNG Digital was jointly formed by CIMB’s wholly-owned subsidiary Touch ‘n Go and the Ant Group from China back in 2017. “It’s really a roll-out of a completely new platform, whereby it will be more micro services and more application programming interface-based, compared to our current Clicks where the infrastructure is much more of a legacy infrastructure.The plan is to roll this out by the first quarter of next year.“Hopefully, once this is onboard, we can ensure a higher degree of reliability for our customers.”

This, of course has been the main culprit of banks’ profit erosion and asset quality in recent times.“We are extremely clear on the fact that we are very cautious about the second half of this year and the expectation is that the second half will be weaker compared to the first half.” “And so because of this, as there will be no interest upon interest payments to us, there will basically be modification losses,” he adds.

“Because of this impact, we are aware that there will be provisions that need to be made in case some of them cannot resume their payments.”

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Covid-19: Don't swarm vaccination centres, parents of school-going teens toldPUTRAJAYA: Parents of school-going teenagers have been advised once again by the Health Ministry not to swarm PPV (vaccination centres), in the hope of getting a Covid-19 jab via walk-ins. First!
Source: staronline - 🏆 4. / 75 Read more »

MR going for All Black again | New Straits TimesNSTsports Malaysian Rugby (MR) have decided to continue with the All Black touch for the national 15s team by appointing Rodney So'oialo as their coach.
Source: NST_Online - 🏆 17. / 53 Read more »

Cabinet scraps MyTravelPass for Malaysians going abroad, say sources | The Malaysian InsightCabinet scraps MyTravelPass for Malaysians going abroad, say sources Only for Malaysian? How about MM2H visa holders? Remain the same? How/when can we get the official statement? how official is this statement?
Source: msianinsight - 🏆 8. / 63 Read more »

RHB going all out to support SMEsPETALING JAYA: RHB Banking Group has reiterated its commitment to provide financial support and other forms of assistance to small and medium enterprise (SME) customers, including microenterprises, while actively driving the acceleration of local activity in line with the gradual re-opening of the economy.
Source: staronline - 🏆 4. / 75 Read more »

Xiaomi Pad 5 has arrived in Malaysia and it's going for as low as RM1,299 - SoyaCincauThe Xiaomi Pad 5 is now official in Malaysia with 11' 120Hz QuadHD+ display, Snapdragon 860 & quad-speakers with Dolby Atmos. 128GB - RM1,399 256GB - RM1,599 You can get the XiaomiPad5 with 128GB storage for only RM1,299 on 24 Sept. Learn more: sarahnoraz 👀
Source: Soya_Cincau - 🏆 16. / 55 Read more »

COVID-19 Vaccine: School-going teens now told not to walk-in, schools to provide vaccination schedule - SoyaCincauDeputy Health Minister urges parents not to rush their kids to COVID-19 vaccination centres. School-going teens will be given their schedules from their schools.
Source: Soya_Cincau - 🏆 16. / 55 Read more »