Tengku Zafrul: ‘Income is going to be challenging, we will continue to focus on reducing cost.’ With him is group CFO Shahnaz Jammal.
KUALA LUMPUR: CIMB Group
Holdings Bhd says it’s on track to achieve its target of a cost-to-income ratio of below 50% by 2018 after reporting an improved figure of 55.6% for its financial year ended Dec 31, 2015 (FY15).
Group chief executive Tengku Datuk Seri Zafrul Aziz said the ratio, which is a measure of how tight a ship the bank runs, was an improvement of 350 basis points and a result of structural cost management initiatives and strict cost discipline.
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