CIMB : Unaudited Results for the 1st Quarter Ended 31 March 2024 - Interim 1st Quarter

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CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2024

	Note
ASSETS
Cash and short-term funds	A8

Reverse repurchase agreements/reverse Collateralised Commodity Murabahah

Deposits and placements with banks and other financial institutions	A8
Financial investments at fair value through profit or loss	A9
Debt instruments at fair value through other comprehensive income	A10
Equity instruments at fair value through other comprehensive income	A11
Debt instruments at amortised cost	A12
Derivative financial instruments	A26
Loans, advances and financing	A13
Other assets	A14
Amount due from a subsidiary
Tax recoverable
Deferred tax assets
Statutory deposits with central banks
Investment in subsidiaries
Investment in associates and joint ventures
Property, plant and equipment
Right-of-use assets
Investment properties
Goodwill
Intangible assets
Non-current assets held for sale
TOTAL ASSETS
LIABILITIES AND EQUITY
Deposits from customers	A15
Investment accounts of customers	A16
Deposits and placements of banks and other financial institutions	A17
Repurchase agreements/Collateralised Commodity Murabahah
Financial liabilities designated at fair value through profit or loss	A18
Derivative financial instruments	A26
Bills and acceptances payable
Other liabilities	A19
Lease liabilities
Recourse obligation on loans and financing
sold to Cagamas
Amount due to subsidiaries
Provision for taxation and zakat
Deferred tax liabilities
Bonds, Sukuk and debentures	B5(i)
Other borrowings	B5(ii)
Subordinated obligations	B5(iii)
TOTAL LIABILITIES

The Group		The Company
31 March	31 December	31 March	31 December
2024	2023	2024	2023
RM'000	RM'000	RM'000	RM'000
36,391,220	34,772,470	2,891,661	363,691
9,027,849	9,707,692	-	-
3,169,443	3,207,618	19,041	-
55,239,832	48,622,731	-	-
72,497,384	71,417,298	1,162,052	1,144,797
300,253	306,171	-	-
87,745,103	78,498,195	8,427,704	8,412,266
17,750,919	15,644,895	-	-
430,825,097	429,450,037	-	-
18,949,680	14,648,900	85,237	83,564
-	-	301	-
375,028	340,804	183,361	184,068
1,859,343	1,934,311	-	-
10,237,467	11,511,391	-	-
-	-	35,451,910	34,724,169
2,380,447	2,396,525	-	-
2,038,769	2,055,295	-	131
655,656	658,562	430	430
8,426	2,758	304	309
6,505,982	6,475,948	-	-
1,920,620	1,914,967	-	-
757,878,518	733,566,568	48,222,001	44,913,425
-	5,584	-	-
757,878,518	733,572,152	48,222,001	44,913,425
469,995,405	463,442,092	-	-
20,014,076	18,984,125	-	-
44,929,024	40,283,219	-	-
44,412,710	49,386,566	-	-
12,518,989	12,429,238	-	-
16,786,552	16,077,219	-	-
1,808,553	1,753,934	-	-
35,839,917	22,679,122	2,724,875	3,135
567,940	548,621	-	-
3,984,196	3,986,749	-	-
-	-	14	13,625
426,054	356,203	-	-
51,733	52,500	-	2
16,309,577	12,921,042	-	-
9,791,395	9,698,584	3,965,230	3,957,145
11,179,721	11,134,047	10,663,712	10,624,837
688,615,842	663,733,261	17,353,831	14,598,744

Ordinary share capital		29,129,170	29,094,547	29,129,170	29,094,547
Reserves		38,533,547	39,233,020	1,739,043	1,220,177
Less: Shares held under trust		(563)	(563)	-	-
Treasury shares, at cost		(43)	(43)	(43)	(43)
		67,662,111	68,326,961	30,868,170	30,314,681
Perpetual preference shares		200,000	200,000	-	-
Non-controlling interests		1,400,565	1,311,930	-	-
TOTAL EQUITY		69,262,676	69,838,891	30,868,170	30,314,681
TOTAL EQUITY AND LIABILITIES		757,878,518	733,572,152	48,222,001	44,913,425
COMMITMENTS AND CONTINGENCIES	A27	1,995,019,603	1,662,078,807	-	-
Net assets per share attributable to owners of the Parent (RM)		6.34	6.41	2.89	2.84

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 1

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CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

			The Group
		1st quarter ended	Three months ended
		31 March	31 March	31 March	31 March
		2024	2023	2024	2023
	Note	RM'000	RM'000	RM'000	RM'000
Interest income	A20(a)	6,305,110	5,432,446	6,305,110	5,432,446
Interest income for financial assets at
fair value through profit or loss	A20(b)	465,065	285,147	465,065	285,147
Interest expense	A21	(3,905,925)	(3,004,278)	(3,905,925)	(3,004,278)
Net interest income (before modification loss)		2,864,250	2,713,315	2,864,250	2,713,315
Modification (loss)/gain	A22	(760)	306	(760)	306
Net interest income (after modification loss)		2,863,490	2,713,621	2,863,490	2,713,621
Income from Islamic Banking operations	A31(c)	1,122,845	989,075	1,122,845	989,075
Fee and commission income	A23(a)	851,629	748,173	851,629	748,173
Fee and commission expense	A23(b)	(275,434)	(237,483)	(275,434)	(237,483)
Net fee and commission income		576,195	510,690	576,195	510,690
Other non-interest income	A23(c)	1,066,429	783,859	1,066,429	783,859
Net income		5,628,959	4,997,245	5,628,959	4,997,245
Overheads	A24	(2,551,955)	(2,343,515)	(2,551,955)	(2,343,515)

Profit before expected credit losses

Expected credit losses on loans, advances and financing Expected credit losses written back/(made) for

commitments and contingencies

Other expected credit losses and impairment allowances made

Share of results of joint ventures

Share of results of associates

A25(a)

A25(b)

3,077,004	2,653,730	3,077,004	2,653,730
(404,342)	(305,983)	(404,342)	(305,983)
13,881	(77,718)	13,881	(77,718)
(112,797)	(61,042)	(112,797)	(61,042)
2,573,746	2,208,987	2,573,746	2,208,987
(3,152)	(16,747)	(3,152)	(16,747)
2,716	44,149	2,716	44,149

Profit before taxation and zakat		2,573,310	2,236,389	2,573,310	2,236,389
Taxation and zakat	B3	(589,883)	(546,744)	(589,883)	(546,744)
Profit for the financial period		1,983,427	1,689,645	1,983,427	1,689,645

Profit for the financial period attributable to :

Owners of the Parent

Non-controlling interests

Earnings per share attributable to ordinary
equity holders of the Parent (sen):
- Basic	B7(a)
- Diluted	B7(b)

1,936,352	1,644,910	1,936,352	1,644,910
47,075	44,735	47,075	44,735
1,983,427	1,689,645	1,983,427	1,689,645
-	-	-	-
18.16	15.42	18.16	15.42
18.07	15.40	18.07	15.40

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 2

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CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD ENDED

31 MARCH 2024

		The Group
	1st quarter ended	Three months ended
	31 March	31 March	31 March	31 March
	2024	2023	2024	2023
	RM'000	RM'000	RM'000	RM'000
Profit for the financial period	1,983,427	1,689,645	1,983,427	1,689,645
Other comprehensive income/(expense):
Items that will not be reclassified to profit or loss
Remeasurement of post employment benefits obligation	29	(1,095)	29	(1,095)
- Actuarial (loss)/gain	(1)	6	(1)	6
- Income tax effects	-	(89)	-	(89)
- Currency translation difference	30	(1,012)	30	(1,012)
Fair value changes on financial liabilities designated at
fair value attributable to own credit risk	79,574	26,236	79,574	26,236
- Net gain from change in fair value	79,002	34,335	79,002	34,335
- Currency translation difference	572	(8,099)	572	(8,099)
Equity instruments at fair value through
other comprehensive income	(7,677)	5,684	(7,677)	5,684
- Net (loss)/gain from change in fair value	(5,754)	6,633	(5,754)	6,633
- Income tax effects	9	20	9	20
- Currency translation difference	(1,932)	(969)	(1,932)	(969)
Net gain on revaluation reserve	5,750	-	5,750	-
	77,676	30,825	77,676	30,825
Items that may be reclassified subsequently to profit or
loss
Debt instruments at fair value through
other comprehensive income	155,408	403,003	155,408	403,003
- Net gain from change in fair value	276,196	540,327	276,196	540,327
- Realised gain transferred to statement
of income on disposal	(90,706)	(47,775)	(90,706)	(47,775)
- Changes in expected credit losses	2,842	12,303	2,842	12,303
- Income tax effects	(34,035)	(92,120)	(34,035)	(92,120)
- Currency translation difference	1,111	(9,732)	1,111	(9,732)
Net investment hedge	(130,096)	(62,891)	(130,096)	(62,891)
Hedging reserve - cash flow hedge	3,839	(1,802)	3,839	(1,802)
- Net gain/(loss) from change in fair value	4,446	(2,195)	4,446	(2,195)
- Income tax effects	(607)	393	(607)	393
Deferred hedging cost	(33,317)	(10,034)	(33,317)	(10,034)
- Net loss from change in fair value	(33,317)	(10,858)	(33,317)	(10,858)
- Income tax effects	-	824	-	824
Exchange fluctuation reserve	7,049	854,951	7,049	854,951
Share of other comprehensive income of
associates and joint ventures	1,947	9,886	1,947	9,886
	4,830	1,193,113	4,830	1,193,113
Other comprehensive income during the
financial period, net of tax	82,506	1,223,938	82,506	1,223,938
Total comprehensive income for the financial period	2,065,933	2,913,583	2,065,933	2,913,583
Total comprehensive income attributable to:
Owners of the Parent	2,025,647	2,819,529	2,025,647	2,819,529
Non-controlling interests	40,286	94,054	40,286	94,054
	2,065,933	2,913,583	2,065,933	2,913,583
	-	-	-	-

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 3

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CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF INCOME FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

			The Company
		1st quarter ended	Three months ended
		31 March	31 March	31 March	31 March
		2024	2023	2024	2023
	Note	RM'000	RM'000	RM'000	RM'000
Interest income	A20(a)	101,852	102,783	101,852	102,783
Interest expense	A21	(149,179)	(150,345)	(149,179)	(150,345)
Net interest expense		(47,327)	(47,562)	(47,327)	(47,562)
Net non-interest income	A23	3,307,277	998,738	3,307,277	998,738

Overheads	A24
Profit before expected credit losses
Other expected credit losses and impairment allowances
written back	A25(b)
Profit before taxation
Taxation	B3

Profit for the financial period

3,259,950	951,176	3,259,950	951,176
(6,342)	(7,285)	(6,342)	(7,285)
3,253,608	943,891	3,253,608	943,891
468	2,001	468	2,001
3,254,076	945,892	3,254,076	945,892
(1,243)	(489)	(1,243)	(489)
3,252,833	945,403	3,252,833	945,403

UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

Profit for the financial period

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss

Debt instruments at fair value through other comprehensive income

• Net gain from change in fair value
• Changes in expected credit losses Other comprehensive income
  Total comprehensive income for the financial period

	The Company
1st quarter ended	Three months ended
31 March	31 March	31 March	31 March
2024	2023	2024	2023
RM'000	RM'000	RM'000	RM'000
3,252,833	945,403	3,252,833	945,403

5,517	3,336	5,517	3,336
5,588	3,322	5,588	3,322
(71)	14	(71)	14
5,517	3,336	5,517	3,336
3,258,350	948,739	3,258,350	948,739

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 4

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CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

						Attributable to owners of the Parent
The Group
31 March 2024							Fair value reserve
							Debt instruments	Equity instruments
							at fair value	at fair value
	Ordinary			Exchange	Shares		through other	through other		Share-based				Perpetual	Non-
	share	Statutory	Capital	fluctuation	held	Treasury	comprehensive	comprehensive	Other	payment	Regulatory	Retained		preference	controlling
	capital	reserve	reserve	reserve	under trust	shares	income	income	reserves	reserve	reserve *	earnings	Total	shares	interests	Total
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2024	29,094,547	180,908	317,879	2,110,540	(563)	(43)	(654,828)	(235,888)	(1,983,464)	161,381	1,102,571	38,233,921	68,326,961	200,000	1,311,930	69,838,891
Profit for the financial period	-	-	-	-	-	-	-	-	-	-	-	1,936,352	1,936,352	-	47,075	1,983,427
Other comprehensive income/(expense)
(net of tax)	-	-	-	20,621	-	-	153,265	(7,716)	(76,849)	(26)	-	-	89,295	-	(6,789)	82,506
- debt instruments at fair value through
other comprehensive income	-	-	-	-	-	-	153,265	-	-	-	-	-	153,265	-	2,143	155,408
- equity instruments at fair value through
other comprehensive income	-	-	-	-	-	-	-	(7,716)	-	-	-	-	(7,716)	-	39	(7,677)
- fair value changes on financial liabilities
designated at fair value relating to own
credit risk	-	-	-	-	-	-	-	-	77,176	-	-	-	77,176	-	2,398	79,574
- net investment hedge	-	-	-	-	-	-	-	-	(130,096)	-	-	-	(130,096)	-	-	(130,096)
- hedging reserve - cash flow hedge	-	-	-	-	-	-	-	-	3,941	-	-	-	3,941	-	(102)	3,839
- deferred hedging cost	-	-	-	-	-	-	-	-	(33,317)	-	-	-	(33,317)	-	-	(33,317)
- remeasurement of post employment
benefits obligations	-	-	-	-	-	-	-	-	31	-	-	-	31	-	(2)	29
- currency translation difference	-	-	-	18,674	-	-	-	-	(334)	(26)	-	-	18,314	-	(11,265)	7,049
- Net gain on revaluation reserve	-	-	-	-	-	-	-	-	5,750	-	-	-	5,750	-	-	5,750
- share of other comprehensive income
of associates and joint ventures	-	-	-	1,947	-	-	-	-	-	-	-	-	1,947	-	-	1,947
Total comprehensive income/
(expense)for the financial period	-	-	-	20,621	-	-	153,265	(7,716)	(76,849)	(26)	-	1,936,352	2,025,647	-	40,286	2,065,933
Second interim dividend for the financial year
ended 31 December 2023	-	-	-	-	-	-	-	-	-	-	-	(1,973,044)	(1,973,044)	-	-	(1,973,044)
Special dividend for the financial year
ended 31 December 2023	-	-	-	-	-	-	-	-	-	-	-	(746,557)	(746,557)	-	-	(746,557)
Transfer to statutory reserve	-	5,994	-	-	-	-	-	-	-	-	-	(5,994)	-	-	-	-
Transfer to regulatory reserve	-	-	-	-	-	-	-	-	-	-	53,635	(53,635)	-	-	-	-
Dilution of interest in a subsidiary arising from
Non-preemptive rights ("NPR") issuance	-	-	-	-	-	-	-	-	-	-	-	(5,340)	(5,340)	-	5,340	-
Exercise of NPR by non-controlling interests	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,007	5,007
Transfer of gain on disposal of treasury shares
by a subsidiary	-	-	-	-	-	-	-	-	-	-	-	15,148	15,148	-	-	15,148
Net non-controlling interests share
of subsidiary treasury shares	-	-	-	-	-	-	-	-	-	-	-	-	-	-	38,001	38,001
Share-based payment expense	-	-	-	-	-	-	-	-	-	18,892	-	-	18,892	-	-	18,892
Shares released under employee
benefit schemes	-	-	-	-	-	-	-	-	9,978	(9,574)	-	-	404	-	1	405
Issuance of shares pursuant to long
term incentive plan ("LTIP")	34,623	-	-	-	-	-	-	-	-	(34,623)	-	-	-	-	-	-
Transfer of realised loss upon disposal of
equity investments at fair value through
other comprehensive income to retained
earnings	-	-	-	-	-	-	-	86,303	-	-	-	(86,303)	-	-	-	-
At 31 March 2024	29,129,170	186,902	317,879	2,131,161	(563)	(43)	(501,563)	(157,301)	(2,050,335)	136,050	1,156,206	37,314,548	67,662,111	200,000	1,400,565	69,262,676

----

* The regulatory reserve is maintained by the banking subsidiaries in Malaysia to meet the local regulatory requirement.

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Page 5

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CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

							Attributable to owners of the Parent
The Group
31 March 2023
							Fair value reserve
							Debt instruments	Equity instruments
	Ordinary			Exchange	Shares		at fair value	at fair value		Share-based				Perpetual
	share	Statutory	Capital	fluctuation	held	Treasury	through other	through other	Other	payment	Regulatory	Retained		preference	Non-controlling
	capital	reserve	reserve	reserve	under trust	shares	comprehensive income	comprehensive income	reserves	reserve	reserve *	earnings	Total	shares	interests	Total
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
At 1 January 2023	29,094,547	166,833	242,626	542,479	(563)	(43)	(1,417,428)	(238,981)	(1,701,287)	114,097	417,993	35,270,933	62,491,206	200,000	1,092,647	63,783,853
Profit for the financial period	-	-	-	-	-	-	-	-	-	-	-	1,644,910	1,644,910	-	44,735	1,689,645
Other comprehensive income/(expense)
(net of tax)	-	-	-	816,895	-	-	400,211	5,690	(48,884)	707	-	-	1,174,619	-	49,319	1,223,938
- debt instruments at fair value through
other comprehensive income	-	-	-	-	-	-	400,211	-	-	-	-	-	400,211	-	2,792	403,003
- equity instruments at fair value through
other comprehensive income	-	-	-	-	-	-	-	5,690	-	-	-	-	5,690	-	(6)	5,684
- fair value changes on financial
liabilities designated at fair
value relating to own credit risk	-	-	-	-	-	-	-	-	26,599	-	-	-	26,599	-	(363)	26,236
- net investment hedge	-	-	-	-	-	-	-	-	(62,891)	-	-	-	(62,891)	-	-	(62,891)
- hedging reserve - cash flow hedge	-	-	-	-	-	-	-	-	(1,612)	-	-	-	(1,612)	-	(190)	(1,802)
- deferred hedging cost	-	-	-	-	-	-	-	-	(10,034)	-	-	-	(10,034)	-	-	(10,034)
- remeasurement of post employment
benefits obligations	-	-	-	-	-	-	-	-	(1,099)	-	-	-	(1,099)	-	4	(1,095)
- currency translation difference	-	-	-	807,009	-	-	-	-	153	707	-	-	807,869	-	47,082	854,951
- share of other comprehensive income
of associates and joint ventures	-	-	-	9,886	-	-	-	-	-	-	-	-	9,886	-	-	9,886
Total comprehensive income/(expense) for
the financial period	-	-	-	816,895	-	-	400,211	5,690	(48,884)	707	-	1,644,910	2,819,529	-	94,054	2,913,583
Transfer to regulatory reserve	-	-	-	-	-	-	-	-	-	-	136,149	(136,149)	-	-	-	-
Dilution of net assets arising from accretion
of equity interest in a subsidiary	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(2)	(2)
Net non-controlling interests share
of subsidiary treasury shares	-	-	-	-	-	-	-	-	-	-	-	-	-	-	251	251
Share-based payment expense	-	-	-	-	-	-	-	-	-	18,134	-	-	18,134	-	-	18,134
Shares released under employee
benefit schemes	-	-	-	-	-	-	-	-	9,473	(10,922)	-	-	(1,449)	-	(68)	(1,517)
Transfer of realised loss upon disposal of
equity investments at fair value through
other comprehensive income to retained
earnings	-	-	-	-	-	-	-	181	-	-	-	(181)	-	-	-	-
At 31 March 2023	29,094,547	166,833	242,626	1,359,374	(563)	(43)	(1,017,217)	(233,110)	(1,740,698)	122,016	554,142	36,779,513	65,327,420	200,000	1,186,882	66,714,302

* The regulatory reserve is maintained by the the banking subsidiaries in Malaysia to meet the local regulatory requirement.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023

Page 6

The Company

At 1 January 2024

Profit for the financial period

Other comprehensive income (net of tax)

• Debt instruments at fair value through other comprehensive income

Total comprehensive income for the financial period

Second interim dividend for the financial year ended 31 December 2023

Special dividend for the financial year ended 31 December 2023

Issuance of shares pursuant to LTIP Capital contribution to subsidiaries

At 31 March 2024

-

CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

		Non-distributable		Distributable
		Fair value reserve -
			debt instruments
			at fair value
Ordinary			through other	Share-based
share	Capital	Treasury	comprehensive	payment	Retained
capital	reserve	shares	income	reserve	earnings	Total
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
29,094,547	55,982	(43)	(3,300)	145,367	1,022,128	30,314,681
-	-	-	-	-	3,252,833	3,252,833
-	-	-	5,517	-	-	5,517
-	-	-	5,517	-	-	5,517
-	-	-	5,517	-	3,252,833	3,258,350
-	-	-	-	-	(1,973,044)	(1,973,044)
-	-	-	-	-	(746,557)	(746,557)
34,623	-	-	-	(34,623)	-	-
-	-	-	-	14,740	-	14,740
29,129,170	55,982	(43)	2,217	125,484	1,555,360	30,868,170
	0	-	(1)	1	-	(0)

The Company

At 1 January 2023

Profit for the financial period

Other comprehensive expense (net of tax)

• Debt instruments at fair value through other comprehensive income

Total comprehensive income for the financial period

Capital contribution to subsidiaries

At 31 March 2023

		Non-distributable		Distributable
		Fair value reserve -
			debt instruments
			at fair value
Ordinary			through other	Share-based
share	Capital	Treasury	comprehensive	payment	Retained
capital	reserve	shares	income	reserve	earnings	Total
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
29,094,547	55,982	(43)	(13,534)	87,817	1,138,715	30,363,484
-	-	-	-	-	945,403	945,403
-	-	-	3,336	-	-	3,336
-	-	-	3,336	-	-	3,336
-	-	-	3,336	-	945,403	948,739
-	-	-	-	14,827	-	14,827
29,094,547	55,982	(43)	(10,198)	102,644	2,084,118	31,327,050

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023.

Page 7

-

CIMB GROUP HOLDINGS BERHAD

(Registration Number 195601000197 (50841-W))

CONDENSED INTERIM FINANCIAL STATEMENTS

UNAUDITED STATEMENTS OF CASH FLOWS

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2024

	The Group	The Company
	31 March	31 March	31 March	31 March
	2024	2023	2024	2023
Cash flow from operating activities	RM'000	RM'000	RM'000	RM'000
Profit before taxation and zakat	2,573,310	2,236,389	3,254,076	945,892
Adjustments for non-operating and non-cash items	(1,102,281)	(552,238)	(2,542,887)	(951,063)
Operating profit/(loss) before changes in working capital	1,471,029	1,684,151	711,189	(5,171)
Net changes in operating assets	(10,525,365)	(21,741,345)	71,829	310
Net changes in operating liabilities	17,810,627	28,096,193	2,140	(6,472)
	7,285,262	6,354,848	73,969	(6,162)
Cash flows generated from operations	8,756,291	8,038,999	785,158	(11,333)
Taxation paid	(531,236)	(599,741)	(538)	(629)
Net cash flows generated from operating activities	8,225,055	7,439,258	784,620	(11,962)
Cash flows from investing activities
Dividend income from subsidiaries	-	-	2,594,207	998,588
Interest income received from financial investments	1,311,466	1,052,034	70,686	78,951
Net purchase of financial investments	(10,018,237)	(8,410,148)	-	300,000
Net purchase from disposal of property,
plant and equipment	(316,387)	(372,415)	-	-
Net purchase of intangible assets	(132,988)	(157,323)	-	-
Other investing activities	(12,411)	(281,348)	(800,289)	-
Net cash flows (used in)/generated from investing activities	(9,168,557)	(8,169,200)	1,864,604	1,377,539
Cash flows from financing activities
Interest paid on bonds, Sukuk and debentures	(143,584)	(89,005)	-	-
Interest paid on subordinated obligations	(110,498)	(70,607)	(70,686)	(78,951)
Interest paid on term loan facility and other borrowings	(95,176)	(15,577)	-	-
Proceeds from issuance of bonds, Sukuk and debentures	4,399,763	2,089,244	-	-
Proceeds from issuance of subordinated obligations	-	815,000	-	400,000
Proceeds from term loan facility and other borrowings	1,203,020	-	-	-
Redemption of bonds, Sukuk and debentures	(1,205,519)	(949,121)	-	-
Redemption of subordinated obligations	-	(1,090,000)	-	(700,000)
Repayment of term loan facility and other borrowings	(1,225,531)	(152,002)	-	-
Other financing activities	(114,205)	(12,735)	(31,532)	(30,182)
Net cash flows generated from/(used in) financing activities	2,708,270	525,197	(102,218)	(409,133)
Net increase/(decrease) in cash and cash equivalents during
the financial period	1,764,768	(204,745)	2,547,006	956,444
Effects of exchange rate changes	244,596	307,722	-	(81)
Cash and cash equivalents at beginning of the financial period	34,226,557	43,724,557	363,002	474,259
Cash and cash equivalents at end of the financial period
36,235,921	43,827,534	2,910,008	1,430,622
Monies held in trust*	-	(764,569)	-	-
Cash and cash equivalents at end of the financial period
36,235,921	43,062,965	2,910,008	1,430,622
Cash and cash equivalents comprise:			18,347
Cash and short-term funds	36,391,220	43,227,769	2,891,661	1,430,622
Deposits and placements with banks and other
financial institutions	3,169,443	4,349,789	19,041	-
Less: Cash and short-term funds and deposits and placements	39,560,663	47,577,558	2,910,702	1,430,622
with financial institutions, with original maturity of
more than three months	(2,721,688)	(3,750,024)	(694)	-
Monies held in trust*	-	(764,569)	-	-
Restricted cash	(603,054)	-	-	-
Cash and cash equivalents at end of financial period	36,235,921	43,062,965	2,910,008	1,430,622
	-	-	-	-

*The monies held in trust is included in the cash and short-term funds and deposits and placements with financial institutions, with original maturity of more than three months.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements forthe financial year ended 31 December 2023

Page 8

-

PART A - EXPLANATORY NOTES

A1. BASIS OF PREPARATION

The unaudited condensed interim financial statements for the financial period ended 31 March 2024 have been prepared under the historical cost convention, except for financial assets at fair value through profit or loss, debt instruments at fair value through other comprehensive income, equity instruments at fair value through other comprehensive income, derivative financial instruments and

non-current assets/disposal groups held for sale and financial liabilities designated at fair value through profit or loss, that are

measured at fair value.

The unaudited condensed interim financial statements have been prepared in accordance with MFRS 134 "Interim Financial

Reporting" issued by the Malaysian Accounting Standards Board and paragraph 9.22 of Bursa Malaysia Securities Berhad's Listing Requirements.

The unaudited condensed interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 December 2023. The explanatory notes attached to the unaudited condensed interim financial statements

provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group and the Company since the financial year ended 31 December 2023.

The material accounting policies and methods of computation applied in the unaudited condensed interim financial statements are consistent with those adopted in the most recent audited annual financial statements for the financial year ended 31 December

2023, and modified for the adoption of the following accounting standards and amendments to published standards applicable for financial periods beginning on or after 1 January 2024:

• Amendments to MFRS 101 "Classification of liabilities as current or non-current"
• Amendments to MFRS 101 "Non-current Liabilities with Covenants"
• Amendments to MFRS 16 "Lease Liability in a Sale and Leaseback"

The adoption of the above amendments to published standards did not give rise to material financial impact to the Group's and the Company's financial statements.

The unaudited condensed interim financial statements incorporate those activities relating to the Islamic banking business which have been undertaken by the Group. Islamic banking business refers generally to the acceptance of deposits, granting of financing

and dealing in Islamic securities under Shariah principles.

The preparation of unaudited condensed interim financial statements in conformity with the MFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed interim financial statements, and the reported amounts of income and expenses during the reported period. It also requires Directors to exercise their judgement in the process of applying the Group and Company's accounting policies. Although these estimates and assumptions are based on the Directors' best knowledge of current events and actions, actual results may differ from those estimates.

A2. CHANGES IN ESTIMATES

There were no material changes to financial estimates made in respect of the current financial period that had previously been announced or disclosed.

A3. ISSUANCE AND REPAYMENT OF DEBT AND EQUITY SECURITIES

Other than detailed below, there were no other new share issuances, repayment of debt securities, share buy backs and share cancellations, or resale of shares held as treasury shares during the financial period ended 31 March 2024: -

1. On 11 March 2024, the Company announced that it will seek its shareholders' approval at its 67th Annual General Meeting ("AGM") to be convened on a later announced date for the proposed renewal of the authority for the Company to purchase its own shares of up to 10% of the issued and paid-up capital of the Company. Shareholders' approval was subsequently obtained at the AGM which was held on 29 April 2024.
2. During the financial period, CIMB Thai Bank issued various unsecured structured debentures amounted to THB287 million with tenures ranges between one month to three months from respective issuance dates. CIMB Bank will pay interest according to the conditions of agreements.

During the financial period, CIMB Thai Bank has redeemed structured debentures amounting to THB464 million.

1. During the financial period, CIMB Thai Bank has redeemed unsecured short tem debentures amounting to THB1.0 billion.
2. On 18 Feb 2024, CIMB Niaga Auto Finance redeemed its Series A Sukuk amounting to IDR700,000 million.
3. On 23 February 2024, CIMB Bank issued USD50.0 million 5-year floating rate notes ("the Notes") under its USD5.0 billion Global Medium Term Note Programme. The Notes, which bear a coupon rate of Secured Overnight Financing Rate ("SOFR") plus 0.95% per annum payable quarterly, will mature on the interest payment date falling on or nearest to 23 February 2029.

Page 9

-

A3. ISSUANCE AND REPAYMENT OF DEBT AND EQUITY SECURITIES (Continued)

1. 1. On 27 February 2024, CIMB Bank issued USD120.0 million 5-year floating rate notes ("the Notes") under its USD5.0 billion Global Medium Term Note Programme. The Notes, which bear a coupon rate of SOFR plus 0.95% per annum payable quarterly, will mature on the interest payment date falling on or nearest to 27 February 2029.
2. On 27 March 2024, CIMB Islamic Bank issued RM250.0 million senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 3.75% per annum payable semi-annually, will mature on 26 March 2027.
3. On 27 March 2024, CIMB Islamic Bank issued RM300.0 million senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 3.86% per annum payable semi-annually, will mature on 27 March 2029.
4. On 27 March 2024, CIMB Islamic Bank issued RM1,450.0 million senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 4.03% per annum payable semi-annually, will mature on 27 March 2031.
5. On 27 March 2024, CIMB Islamic Bank issued RM1,500.0 million senior sukuk under its RM10.0 billion Sukuk Wakalah Programme. The senior sukuk, which bear a profit rate of 4.13% per annum payable semi-annually, will mature on 27 March 2034.
6. On 28 March 2024, Merdeka Kapital Berhad ("MKB"), a special purpose vehicle consolidated by CIMB Bank, undertook a final redemption of its Medium Term Note amounting to RM384.0 million.
7. On 31 March 2024, the Company increased its issued and paid-up capital from 10,665,106,608 to 10,672,349,470 shares via issuance of 7,242,862 new ordinary shares amounting to RM34.6 million, arising from the Long-Term Incentive Plan ("LTIP") - Share Grant Plan ("SGP").

The following are changes in debt and equity securities for the Group and the Company subsequent to the first quarter ended 31 March 2024 and have not been reflected in the financial statements for the first quarter ended 31 March 2024:

1. On 8 April 2024, CIMB Bank issued USD10.0 million 5-year floating rate notes ("the Notes") under its USD5.0 billion Global Medium Term Note Programme. The Notes, which bear a coupon rate of SOFR plus 0.90% per annum payable quarterly, will mature on the interest payment date falling on or nearest to 8 April 2029.
2. The issued and paid-up capital of the Company increased from 10,672,349,470 as at 31 March 2024 to 10,683,380,470, via:

1. Issuance of 2,635,000 new ordinary shares amounting to RM14.5 million arising from the LTIP - Employee Share Option Scheme ("ESOS") on 12 April 2024;
2. Issuance of 1,120,000 new ordinary shares amounting to RM6.1 million arising from the LTIP-ESOS on 18 April 2024;
3. Issuance of 3,755,000 new ordinary shares amounting to RM20.4 million arising from the LTIP-ESOS on 26 April 2024;
4. Issuance of 947,500 new ordinary shares amounting to RM5.1 million arising from the LTIP-ESOS on 15 May 2024;
5. Issuance of 2,573,500 new ordinary shares amounting to RM13.9 million arising from the LTIP-ESOS on 29 May 2024.

The proceeds raised from the issuance of all debt securities and borrowings have been used for working capital, general banking and other corporate purposes, as intended.

A4. DIVIDENDS PAID AND PROPOSED

A single-tier second interim dividend of 18.50 sen per ordinary share, on 10,665,101,700 ordinary shares amounting to RM 1,973,043,893 in respect of the financial year ended 31 December 2023 was approved by the Board of Directors on 31 January 2024. The single-tier second interim dividend which consists of all cash dividend was paid on 3 April 2024.

A single-tier special dividend of 7.00 sen per ordinary share, on 10,665,101,700 ordinary shares amounting to RM746,557,119 in respect of the financial year ended 31 December 2023 was approved by the Board of Directors on 31 January 2024. The single-tier special dividend which consists of all cash dividend was paid on 3 April 2024.

A5. STATUS OF CORPORATE PROPOSAL

On 8 February 2024, CIMB Group has completed the acquisition of KAF Equities Sdn Bhd ("KESB") via CIMB Investment Bank Berhad ("CIMB Investment"). The acquisition is part of CIMB Investment's strategy to expand its in-house capabilities which

complements the Group's Wholesale Banking business in Malaysia.

Following the completion of the Proposed Acquisition, KESB has become a wholly owned subsidiary of the Group. On 11 March 2024, KESB has changed its name to CIMB Securities Sdn Bhd.

A6. EVENTS DURING THE REPORTING PERIOD

Other than those disclosed under Issuance and Repayment of Debts and Equity Securities and Status of Corporate Proposal, there were no significant events that had occured during the current reporting period.

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