Cagamas Annual Report

2025

Annual Report 2025

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Financial Statements 2025

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Financial Statements (EN)

Financial Statements (BM)

Group Financial Highlights

Total Revenue

RM 2.4 BILLION

2023: RM2.3 BILLION

Profit before Taxation

RM 2.4 BILLION

2023: RM2.3 BILLION

Net Profit for the Year

RM 2.4 BILLION

2023: RM2.3 BILLION

Basic Earnings per Share (Sen)

RM 2.4 BILLION

2023: RM2.3 BILLION

Total Assets

RM 2.4 BILLION

2023: RM2.3 BILLION

Total Equity

RM 2.4 BILLION

2023: RM2.3 BILLION

Key Highlights in 2025

RM 2.4 BILLION

facilitated through PWR scheme purchases for FI* liquidity

95.8%

of net outstanding loans and financing comprised residential mortgages

RM 2.3 BILLION

in Capital Management Solutions provided to FIs as of 31 December 2024

RM 2.4 BILLION

facilitated through PWR scheme purchases for FI* liquidity

95.8%

of net outstanding loans and financing comprised residential mortgages

RM 2.3 BILLION

in Capital Management Solutions provided to FIs as of 31 December 2024

RM 2.4 BILLION

facilitated through PWR scheme purchases for FI* liquidity

95.8%

of net outstanding loans and financing comprised residential mortgages

RM 2.3 BILLION

in Capital Management Solutions provided to FIs as of 31 December 2024

RM 2.4 BILLION

facilitated through PWR scheme purchases for FI* liquidity

95.8%

of net outstanding loans and financing comprised residential mortgages

RM 2.3 BILLION

in Capital Management Solutions provided to FIs as of 31 December 2024

Year in Review 2025

CEO Insights: Year in Review 2025

Strategic Priorities for 2026

Commitment to Sustainability

Message from the Chairman

In 2024, the Cagamas Group of Companies (“The Group”) successfully navigated a dynamic economic landscape shaped by global monetary policy adjustments, inflationary pressures and geopolitical uncertainties. The Group remained focused on ensuring stability in its financial performance, supporting market liquidity, and advancing our role as a key enabler of sustainable home financing.”

Dato’ Bakarudin Ishak

Independent Non-Executive Chairman

What We Do

Liquidity Provision & Securitisation

Purchase with Rersouce
(PWR)

11.7%

net operating income

69.3%

total assets

Purchase without Rersouce
(PWOR)

11.7%

net operating income

69.3%

total assets

Capital Management Solutions
(CMS)

11.7%

net operating income

69.3%

total assets

Treasury & Fund Raising

Investment

11.7%

net operating income

69.3%

total assets

Issuance and Fund Raising

11.7%

net operating income

69.3%

total assets

Reverse Mortgage Programme

Reverse Mortgage (RM) Programme

11.7%

net operating income

69.3%

total assets

Mortgage Guarantee Programme

Mortgage Guarantee Programme (MGP)

11.7%

net operating income

69.3%

total assets

Our Business Imperative

Financial Capital

To encourage home ownership through liquidity provision to financial institutions, our business and operations are supported by:

Shareholders' fund of RM7.5 billion and robust capital with Group Total Capital Ratio of 50.5%.
Credit strength with global rating of A3 by Moody's and local ratings of AAA by RAM Ratings and MARC Ratings, enabling access to competitively priced funding resources.

Human Capital

Our 112 employees are the heartbeat of our organisation. We prioritise their growth by investing in learning, development and providing a positive environment to drive them towards a culture of excellence, encapsulated by our Core Values, C.A.R.E. (Collaboration, Accountability, Resilience and Excellence).

Social & Relationship Capital

Continuously strengthen relationships with stakeholders to fulfil our mandates and empower communities to build long-term positive societal impact through the following

Contributing RM1.7 million towards community engagement initiatives.
Broadening access to housing finance solutions through our inclusive mortgage guarantee, liquidity provision and reverse mortgage programmes.
Strategic engagements with policymakers, regulators and global secondary mortgage market association members.

Financial Capitals

To encourage home ownership through liquidity provision to financial institutions, our business and operations are supported by:

Shareholders' fund of RM7.5 billion and robust capital with Group Total Capital Ratio of 50.5%.
Credit strength with global rating of A3 by Moody's and local ratings of AAA by RAM Ratings and MARC Ratings, enabling access to competitively priced funding resources.

What We Do

Liquidity Provision & Securitisation

Mortgage Guarantee

Treasury & Fund Raising

Reverse Mortgage Programme

Our Sustainability Pillars

Promote Sustainable Home Ownership Arrow Right

Employer of Choice Arrow Right

Positive Societal Impact Arrow Right

Positive Environmental Impact Arrow Right

Total Assets RM72.34 Billion

40%

15%

10%

35%

Item 1 40%

Item 2 15%

Item 3 10%

Item 4 35%

Total Financing Assets

RM 46.7 BILLION

(-9.6% YoY*)

Total Funding

RM 45.0 BILLION

(-8.0% YoY*)

Total Assets

RM 54.1 BILLION

(-6.4% YoY*)

Total Liabilities

RM 46.7 BILLION

(-7.9% YoY*)

Net Operating Income

RM 545.2 BILLION

(+4.2% YoY*)

Net Profit

RM 364.2 BILLION

(+10.3% YoY*)

Customers

Purchased home financing in the secondary market totalling RM12.0 billion in 2024, equivalent to a total of 37,212 homes.
Continued to encourage first-time home ownership via First Home Mortgage Guarantee Programme ("FHMGP") launched in June 2024.
More than 100,000 individuals/households benefited through FHMGP, SRP, Skim Perumahan Belia since 2011; of which 91.0% are from the B40 segment.
Signed Memorandum of Understanding with financial institutions to increase customer’s access to the reverse mortgage and guarantee programmes.

Investors

Continued to promote Cagamas as the preferred investment choice through non-deal Asian regional roadshows in Singapore and Hong Kong.

Regulators and Government

Adhered to best-in-class practices to safeguard our assets.
Complied with regulations to mitigate systemic risk.

Investors

Continued to promote Cagamas as the preferred investment choice through non-deal Asian regional roadshows in Singapore and Hong Kong.

Regulators and Government

Adhered to best-in-class practices to safeguard our assets.
Complied with regulations to mitigate systemic risk.

Employees

Equipped employees with 4,375 hours spent on learning and development, an average of 37 hours per employee, with training cost of RM1.1 million.
Knowledge exchange for employees to learn financial institutions’ best practices and benchmarking study domestically and regionally in Indonesia and Japan.
Refurbishment of Cagamas’ office to revitalise the spaces that will become the collaboration and innovation hub for Cagamas’ staff.

Cagamas House of the Future

Our Aspiration

The preferred market liquidity provider and centre of excellence in the housing finance ecosystem

Phase 1 (2024-2025)

Defend & Strengthen

Defend key financial metrics and strengthen human capital competencies in Environmental, Social and Governance (ESG) and cybersecurity
Fortify IT infrastructure and embark on risk and compliance transformation

Phase 2 (2025-2027)

Expand & Explore

Expand liquidity and sustainable housing finance products and solutions
Enlarge global market penetration and widen investor base

Phase 3 (2027-2028)

Postion Of Influence

Becoming a leader in the liquidity market and housing finance ecosystem
Key influencer in the domestic and international stage through becoming Centre of Excellence for mortgage and liquidity
Leverage strategic partnership for future growth initiatives

Sustainability Report

Objectives

Promote sustainable home ownership to all Malaysians by supporting financial institutions’ liquidity requirements to grow their mortgage portfolios as well as through mortgage guarantee programmes.

Contribution to UNSDGs

FY2025 Achievements and Progress

Purchased home financing in the secondary market totalling RM20.5 billion, equivalent to a total of 59,230 homes.

Provided mortgage guarantees to 110,339 individuals/ households to own their first house through Skim Rumah Pertamaku (SRP) and Skim Perumahan Belia (SPB) since 2011; of which 87.0% are from the B40 segment.

Objectives

Our employees are our greatest assets and play an important role in ensuring that we embed sustainable initiatives across the Group. We are committed to creating a conducive work environment and culture, meaningful work, career advancement and personal development opportunities.

Contribution to UNSDGs

FY2025 Achievements and Progress

2,081 hours spent on learning and development, an average of 24 hours per employee.

Mission critical successors who are "ready" currently stands at 56% and RM0.2 million training invested to increase readiness percentage.

Six (6) final-year students from universities all over Malaysia were selected for the Cagamas Internship Programme.

Encourage further work flexibility through weekly work from home arrangement and launched the inaugural annual Human Capital Month.

Objectives

We are committed to creating long-term positive societal impact in the communities that we are in through our community engagement initiatives, scholarship programme, zakat distribution and inclusive products and solutions.

Contribution to UNSDGs

FY2025 Achievements and Progress

Impacted the lives of 18,523 recipients in 2023 through our Corporate Zakat Wakalah Programme (ZWP) and Corporate Social Responsibility (CSR).

Contributed approximately RM1 million to scholarships for 41 scholars since 2016.

Over 21 targeted roadshows and awareness programmes to promote the reverse mortgage scheme.

Purchased RM100 million of non-carbon emitting industrial hire purchase receivables, benefitting 502 Small Medium Enterprises (SMEs).

Objectives

We aim to promote positive environmental impact by facilitating home owners and counterparties to manage the challenge of climate change through our products and solutions as well as reduce the impact of our operations.

Contribution to UNSDGs

FY2025 Achievements and Progress

Mobilised RM300 million towards green housing loans and financing, which marked our first-ever Green asset purchase via Purchase with Recourse (PWR).

Kick off Cagamas Net Zero Initiative by identifying Scope 1, 2 and 3 emissions of Cagamas' operations and execute Technical Assistance related to green and affordable housing signed in 2022 with the Asian Development Bank.