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KUALA LUMPUR, April 15 (Bernama) -- CIMB Group Holdings Berhad (“CIMB Group” or the “Group”) held its 64th Annual General Meeting (“AGM”) with shareholders today virtually followed by an Extraordinary General Meeting (“EGM”). The meetings were chaired by Datuk Mohd Nasir Ahmad, Chairman of CIMB Group, with the Board of Directors and Dato’ Abdul Rahman Ahmad, Group CEO of CIMB Group in attendance.
CIMB Group’s underlying business proved to be resilient in FY20 despite the adverse effects of the COVID-19 pandemic. Aggressive cost reduction targets were exceeded, with a 5.5% or RM524 million decrease in operating expenses leading to an improved cost-to-income ratio (“CIR”) of 52.2%, down 1.2% 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 CET1 ratio of 13.3%. It declared a proposed annual dividend of 4.81 sen per share for FY20, amounting to a total payout of RM477 million and a payout ratio of 40% in line with its dividend policy.