Asia: Malaysia’s CIMB estimates loan growth in 2018

Following stellar results in the lending sector last year, Malaysia’s CIMB foresees further growth of its loan book in 2018. The bank estimates that loan growth will remain strong in 2018, driven by rising gross domestic product (GDP) as well as improved corporate loan performance. CIMB expects loan growth for the overall banking industry in Malaysia to be around 4-5% in 2018 and is looking to outperform its peers.

The bank has also seen growth within the group last year, posting a total net profit of MYR 3.4 billion (USD 850 million) for the first nine months in 2017. It is optimistic in meeting its 2018 target of 15% Return on Equity (ROE) and less than 50% cost-to-income (CIR) ratio. The group will also focus on its new market strategy by leveraging its digital capabilities in Vietnam and expanding its branch network in the Philippines.

According to RFi Group data, around one in two banked consumers in Malaysia has a relationship with CIMB complementing its position as Malaysia’s second-largest bank by assets.

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