Strength In Numbers

To achieve meaningful results, introspection is just as essential as a forward-thinking mindset, says Victor Lee, CEO of CIMB’s Growth Markets and Singapore.

- Alvin Wong

IN A YEAR marked by global headwinds, CIMB Group has started with much assuredness and clarity. The Group’s 2024 results, released in February, were impressive: a net profit of RM7.73 billion, up 10.7 per cent from the previous year, and return on average equity (ROE) of 11.2 per cent. Closer to home, CIMB Singapore reported a record ROE of 19.9 per cent for the country in 2024.

For Victor Lee, CEO of CIMB’s Growth Markets and Singapore, the numbers are further proof that strategic recalibration, not blind pursuit, is what delivers enduring success. Lee reminds us that the results emerged after several challenging years, no thanks to the COVID-19 pandemic, which demanded that the company reassess its business strategies with a combination of patience and acumen.

“I use these Malay words to explain this. First, we have to tahan (endure). Then, we have to semula (restart), and then, we cepat jalan (move at speed),” he says. “When everything is coming at you, don’t panic. Wait things out and keep your costs low. Then re-engineer by looking at what works and what does not work. And when the time is right, move forward quickly.”