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RAM Ratings affirms ratings of CIMB Group and domestic subsidiaries; outlook stable
Published on 20 May 2026.
RAM Ratings has affirmed the AA1/Stable/P1 corporate credit ratings (CCRs) of CIMB Group Holdings Berhad (the Group) and the AAA/Stable/P1 financial institution ratings (FIRs) of CIMB Bank Berhad, CIMB Islamic Bank Berhad and CIMB Investment Bank Berhad. All related debt facility ratings have also been affirmed (Table 1).
The affirmations reflect CIMB Group’s dominant market position and regional breadth, supported by a strong funding profile, healthy earnings and capitalisation. Credit metrics are expected to remain supportive of ratings, notwithstanding potential spillover effects from Middle East tensions.
CIMB Group is navigating this period from a position of strength, with its gross impaired loan (GIL) ratio at a record low of 1.7% as at end-December 2025 (end-December 2024: 2.1%). Loss absorption buffers are solid with a GIL coverage ratio of 134.0% and the common equity tier-1 capital ratio is expected to stay above 14% in the near term despite higher dividend distributions. Some pockets of strain may emerge in the Group’s operations in Indonesia, Thailand, the Philippines, and to a lesser extent Cambodia and Vietnam – countries reliant on energy imports and where economic prospects have become less certain. Against this, credit quality in Malaysia and Singapore has been resilient and should continue to hold up, barring a severe and prolonged downturn.
As part of its Forward30 strategy to exit non-core businesses and redeploy capital, CIMB Group recently announced the divestment of its loss-making Thai automotive financing portfolio, a segment that has seen high impairments. This should help to contain credit costs and provide a mild uplift to the Group’s return on equity in 2027 upon the completion of the sale in 4Q 2026.
As the second largest domestic banking group in Malaysia, CIMB Group benefits from systemic support from the government. However, no rating uplift has been applied, given the Group’s already strong credit profile. The long-term CCR is lowered by one notch from CIMB Group’s group credit strength to reflect structural subordination as a non-operating holding company and the presence of moderate company-level debts.
CIMB Group’s core subsidiaries in Malaysia – CIMB Bank, CIMB Islamic and CIMB Investment – are operationally integrated into the Group’s universal banking platform. Their AAA/Stable/P1 financial institution ratings ultimately reflect CIMB Group’s strong group credit strength and our expectation of a “very high” likelihood of extraordinary support from within the Group, if required.
Analytical contacts
Amy Lo
(603) 2708 8289
amy@ram.com.my
Kee Hwai Zher
(603) 2708 8259
hwaizher@ram.com.my
Media contact
Sakinah Ariffin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2026 by RAM Rating Services Berhad
Rating Rationale: CIMB Group Holdings Berhad & CIMB Bank Berhad
Rating Rationale: CIMB Islamic Bank Berhad
