QUARTERLY RESULTS
| Quarter Ending | Jun-24 | Sep-24 | Dec-24 | Mar-25 | Jun-25 | Sep-25 | Dec-25 |
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Interest Income | 6,223,142 | 6,257,540 | 6,107,326 | 6,042,578 | 5,840,320 | 5,764,190 | 5,713,344 |
| Interest Income – Financial Assets FV | 430,488 | 414,286 | 426,813 | 444,006 | 451,561 | 447,938 | 440,924 |
| Interest Expense | (3,840,222) | (3,778,486) | (3,738,568) | (3,664,119) | (3,493,682) | (3,393,407) | (3,274,493) |
| Modification Loss | (568) | (649) | (741) | (5,875) | (10,213) | (25,585) | (14,311) |
| Net Interest | 2,812,840 | 2,892,691 | 2,794,830 | 2,816,590 | 2,787,986 | 2,793,136 | 2,865,464 |
| Islamic Banking Income | 1,229,372 | 1,186,440 | 1,201,928 | 1,214,309 | 1,266,745 | 1,307,099 | 1,170,630 |
| Net Fee & Commission Income | 621,186 | 604,082 | 548,970 | 614,768 | 581,689 | 614,517 | 569,198 |
| Other Operating Income | 939,142 | 1,058,376 | 782,338 | 853,341 | 965,341 | 1,232,962 | 813,637 |
| Other Operating Expenses | (2,573,400) | (2,670,353) | (2,624,523) | (2,579,705) | (2,551,217) | (2,791,484) | (2,704,510) |
| Prov for Loan Losses | (298,989) | (343,166) | (358,344) | (311,021) | (451,217) | (314,628) | (257,432) |
| Loan Writebacks | 0 | 0 | 0 | 0 | 47,078 | (15,799) | 48,963 |
| Joint Ventures | 1,533 | 1,491 | 16,683 | 15,566 | 148 | 16,605 | 55,984 |
| Associates | (2,030) | 1,038 | 483 | 3,189 | 1,039 | 131 | 934 |
| Profit Before Tax | 2,729,654 | 2,730,599 | 2,362,365 | 2,627,037 | 2,647,592 | 2,842,539 | 2,562,868 |
| Tax Expense | (720,939) | (657,035) | (508,691) | (599,385) | (717,330) | (720,484) | (614,407) |
| Profit After Tax | 2,008,715 | 2,073,564 | 1,853,674 | 2,027,652 | 1,930,262 | 2,122,055 | 1,948,461 |
| Non-controlling Interests | (47,758) | (43,201) | (53,297) | (54,272) | (41,520) | (44,095) | (28,991) |
| Net Profit After Tax | 1,960,957 | 2,030,363 | 1,800,377 | 1,973,380 | 1,888,742 | 2,077,960 | 1,919,470 |
| Diluted EPS (sen) | 18.29 | 18.88 | 16.72 | 16.72 | 17.55 | 19.28 | 17.77 |
| BALANCE SHEET | |||||||
| Gross Loans | 444,703,244 | 436,968,014 | 452,241,004 | 450,141,792 | 449,161,635 | 448,212,626 | 452,956,115 |
| Impaired Loans | (11,306,204) | (10,531,902) | (10,077,525) | (9,950,442) | (9,710,032) | (8,797,292) | (8,035,685) |
| Net Loans | 433,397,040 | 426,436,112 | 442,163,479 | 440,191,350 | 439,451,603 | 439,415,334 | 444,920,430 |
| Fin Investm (FV through P&L) | 50,958,266 | 52,142,933 | 52,683,146 | 57,724,418 | 59,495,102 | 67,434,799 | 64,700,485 |
| Debt Instrum (FV through CI) | 73,501,025 | 78,327,063 | 78,881,355 | 82,015,794 | 81,346,594 | 85,474,811 | 85,328,683 |
| Debt Instrum (Amortized) | 78,542,140 | 76,757,799 | 78,663,456 | 83,783,748 | 80,878,046 | 82,414,818 | 80,128,693 |
| Other Assets | 18,153,525 | 19,782,929 | 16,005,996 | 19,047,952 | 22,107,951 | 22,335,625 | 103,646,099 |
| Total Assets | 743,535,452 | 745,022,073 | 755,130,703 | 769,553,886 | 769,243,066 | 778,529,650 | 778,724,390 |
| Deposits from Customers | 461,651,135 | 441,094,508 | 471,950,866 | 464,416,920 | 467,432,909 | 473,091,431 | 477,755,341 |
| Deposits from Financial Institutions | 42,904,156 | 44,659,886 | 45,444,581 | 50,287,839 | 45,191,984 | 49,356,263 | 49,907,561 |
| Financial liabilities (FV through P&L) | 13,140,648 | 12,731,903 | 12,893,866 | 12,568,702 | 11,786,746 | 11,597,839 | 13,183,149 |
| Bonds, Sukuk and debentures | 14,649,707 | 14,412,197 | 16,396,547 | 15,262,383 | 15,186,134 | 15,408,975 | 17,119,234 |
| Other borrowings | 10,722,481 | 11,557,751 | 10,546,914 | 14,806,783 | 14,186,628 | 13,575,881 | 13,175,494 |
| Subordinated Obligations | 11,157,756 | 11,303,860 | 11,912,807 | 11,331,750 | 11,341,462 | 13,834,126 | 12,291,174 |
| Total Liabilities | 673,021,561 | 676,604,514 | 684,291,813 | 699,196,612 | 697,352,441 | 706,638,573 | 706,816,624 |
| Net Assets | 70,513,891 | 68,417,559 | 70,838,890 | 70,357,274 | 71,890,625 | 71,891,077 | 71,907,766 |
| Share Capital | 29,263,432 | 29,358,521 | 29,439,251 | 29,476,981 | 29,567,403 | 29,646,708 | 29,774,000 |
| Shareholders Equity | 68,984,951 | 66,754,135 | 69,243,796 | 68,745,373 | 70,354,175 | 70,321,350 | 70,361,115 |
ANALYST RATINGS
Below is a summary of analyst ratings and forecasts for CIMB Bank Malaysia Berhad (CIMB Bank) following the Results Announcement Date.
| Rating | Target Price |
EPS FY2026 (E) |
EPS FY2027 (E) |
DPS FY2026 (E) |
DPS FY2027 (E) |
Remarks | |
| As at 2/3/26 | |||||||
| Affin Hwang Investment Bank | Buy | 9.60 | 0.766 | 0.823 | 0.43 | 0.47 | |
| Maybank Investment Bank | Hold | 8.60 | 0.77 | 0.82 | 0.48 | 0.51 | |
| RHB Investment Bank | Buy | 9.00 | 0.77 | 0.82 | 0.48 | 0.51 | |
| Hong Leong Investment Bank | Buy | 9.90 | 0.771 | 0.81 | 0.505 | 0.531 | |
| Average | 9.067 | 0.769 | 0.821 | 0.463 | 0.497 | ||
| Subsequent Ratings | |||||||
| Hong Leong Investment Bank (21/4/26) | Buy | 9.80 | 0.764 | 0.80 | 0.501 | 0.525 | |
| Public Investment Bank (21/4/26) | Outperform | 9.20 | 0.764 | 0.807 | 0.497 | 0.525 | |
| *(E) = Estimate/Forecast | |||||||
Results Announcement Date: 28 November 2025 (Closing Share Price: RM6.95)
Below is a summary of analyst ratings and forecasts for CIMB Group Holdings Bhd as at 1 December 2025:
| Rating | Target Price |
EPS FY2025 (E) |
EPS FY2026 (E) |
DPS FY2025 (E) |
DPS FY2026 (E) |
Remarks | |
| Affin Hwang Investment Bank | Buy | 8.50 | 0.73 | 0.76 | 0.47 | 0.49 | |
| Maybank Investment Bank | Buy | 8.60 | 0.73 | 0.77 | 0.47 | 0.48 | |
| Public Investment Bank | Outperform | 8.60 | 0.729 | 0.752 | 0.452 | 0.474 | |
| RHB Investment Bank | Buy | 8.55 | 0.72 | 0.75 | 0.47 | 0.48 | |
| UOB Kay Hian | Buy | 8.30 | 0.725 | 0.772 | 0.474 | 0.505 | |
| Average | 8.51 | 0.73 | 0.76 | 0.47 | 0.49 | ||
| *(E) = Estimate/Forecast | |||||||
COMMENTARY
CIMB Group Results Update FY2025Q4 (DECEMBER 2025)
Results Announcement Date: 27 February 2026 (Closing Share Price: RM8.04)
For the fourth quarter ending 31/12/25, Net Profit of RM1.92 bil was up 6.7% from pcp on the back of loan loss writebacks and lower credit losses.
For the full FY2025, Net Profit was up slightly from RM7.73 bil to RM7.86 bil (EPS 71.3 sen). Expected Credit Loss of RM1.38 bil was at a similar level to FY2024.
Excluding loan impairments and writebacks, Profit before Tax for FY2025 came in at RM11.9 bil compared to RM11.5 bil for FY2024.
Other Operating Income for FY2025 was RM6.25 bil compared to RM6.2 billion for FY2024.
Cost-to-Income Ratio increased to 49.9% for the quarter. CIR for FY2025 was 47.3%, up slightly from 46.9% in FY2024.
Net Loans of RM444.9 bil was up 0.6% from 31/12/25, while Customer Deposits inched up 1.2% to RM477.8 bil. An RM11.5 bil drop in deposits from Individuals was offset by a RM12.7 bil increase from Businesses. Deposits from Government & Statutory Bodies increased by RM5.6 bil.
Management’s targets for FY2026 as follows:
- Asset growth of 5-7%
- NIM 2.08-2.18% (FY25: 2.13%)
- CIR < 47%
- Credit cost 25-35bps (FY25: 31bps)
- ROE: 11.0 to 11.5%
Management believes it is on track to hit an ROE of 12-13% in FY27, to be achieved via tighter cost discipline, increased focus on Non-Interest Income (wealth, treasury, transaction banking) and capital reallocation from Indonesia and Thailand to higher ROE business in Malaysia (~12%) and Singapore (~18%)
This translates into a prospective Net Profit of RM7.6 to RM8.0 bil (EPS 71 to 75 sen). Management is looking to maintain a Dividend Payout Ratio of 55% (excluding any potential special dividends).