CIMB Group targets 5-6% revenue growth by 2026

CIMB Group Holdings Bhd is projecting revenue growth of approximately five to six percent for the 2026 financial year. Group CEO Novan Amirudin acknowledged that while certain business segments are demonstrating positive momentum, others might encounter difficulties, leading to a generally stable financial forecast.

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The benefits of AI will be there, but the period for those benefits to grow may take longer than what the global market and institutional investors expect.

Amirudin highlighted the significant potential of artificial intelligence (AI) in the banking industry, anticipating substantial benefits. However, he cautioned that the realization of AI's impact on profitability might extend beyond current market expectations. CIMB is already integrating AI into various processes to enhance efficiency and streamline operations.

"The benefits of AI will be there, but the period for those benefits to grow may take longer than what the global market and institutional investors expect," Amirudin explained. He emphasized CIMB's long-term perspective, differentiating it from institutional investors focused on shorter timeframes.

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We take a long-term view because we are not institutional investors who look at periods of weeks or months.

Furthermore, Amirudin clarified that AI implementation does not necessarily equate to workforce reduction. Instead, he views AI as a complementary tool that will augment staff capabilities. AI can manage high-volume, simple transactions, freeing up employees to concentrate on more complex tasks and improve customer service quality. "AI and our workforce are complementary," he stated.

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AI and our workforce are complementary.

Regarding capital allocation, CIMB will evaluate the use of proceeds from the divestment of its Thai Auto business to support growth opportunities yielding higher returns. This process is contingent on approvals, including from the Bank of Thailand, before funds can be repatriated. Once returned, the capital will be strategically deployed into businesses and growth areas that align with the group's targets.

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First of all, we need the approval of BOT to bring the money back to the group. After it is returned, we will evaluate the use of that capital. The use of that capital must be channeled into businesses that provide higher returns and growth areas that can help us achieve our targets.