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CIMB posts Q1 profit of RM1.34b
by hlk Thu 24 May 2012, 20:41
CIMB Group Holdings Bhd has posted RM1.34 billion pre-tax profit for its first financial quarter ended March 31, 2012, up 8.8 per cent from RM1.232 billion in the same quarter last year.
Revenue for the three months also rose 18.4 per cent to RM3.255 billion from RM2.75 billion.
The second biggest bank in Malaysia said the higher revenue was partially offset by higher impairment charges and overhead expenses.
"For the first quarter, the group's regional consumer banking division's pre-tax profit was up 3.4 per cent year-on-year to RM530 million.
"The Malaysia consumer operations profit before tax grew 4.7 per cent as the expansion in the retail banking operations was offsetted by lower recoveries at the bad bank.
"The bank's regional wholesale banking pre-tax profit rose 7.1 per cent to RM641 million in the first quarter as the markets divisional profit almost doubled to RM381 million on the back of strong debt capital markets and foreign exchange flows," it said.
The bank said investment banking had a relatively slow start, with 78.2 per cent year-on-year profit before tax decline, while the corporate banking profit fell 27 per cent due to higher provisions made in the last quarter.
The group said consumer banking operations were the largest contributor to the group's profit before tax at 40 per cent compared to 36 per cent in the last financial year.
CIMB Niaga's pre-tax profit rose 30.7 per cent to IDR1.28 billion while its contribution to the group was 28.3 per cent higher at RM431 million if compared to last year.
Total non-Malaysian pre-tax profit increased to 43 per cent in the first quarter 2012 from 38 per cent in the same quarter last year, it asid.
The bank's total gross loans expanded 10.5 per cent from the first quarter last year, while total group deposits grew by 13.7 per cent year-on-year, driven by a 15.6 per cent expansion in retail deposits.
Group Chief Executive Officer Datuk Seri Nazir Tun Razak said: "Despite the heightened downside risk to the global economy and markets, we remain optimistic that we will be able to achieve our targets for 2012.
"Our deal pipeline is strong and we believe that we can mitigate the expected slower growth in consumer lending across the region by improving liability management and improving non-interest income." -- Bernama
Revenue for the three months also rose 18.4 per cent to RM3.255 billion from RM2.75 billion.
The second biggest bank in Malaysia said the higher revenue was partially offset by higher impairment charges and overhead expenses.
"For the first quarter, the group's regional consumer banking division's pre-tax profit was up 3.4 per cent year-on-year to RM530 million.
"The Malaysia consumer operations profit before tax grew 4.7 per cent as the expansion in the retail banking operations was offsetted by lower recoveries at the bad bank.
"The bank's regional wholesale banking pre-tax profit rose 7.1 per cent to RM641 million in the first quarter as the markets divisional profit almost doubled to RM381 million on the back of strong debt capital markets and foreign exchange flows," it said.
The bank said investment banking had a relatively slow start, with 78.2 per cent year-on-year profit before tax decline, while the corporate banking profit fell 27 per cent due to higher provisions made in the last quarter.
The group said consumer banking operations were the largest contributor to the group's profit before tax at 40 per cent compared to 36 per cent in the last financial year.
CIMB Niaga's pre-tax profit rose 30.7 per cent to IDR1.28 billion while its contribution to the group was 28.3 per cent higher at RM431 million if compared to last year.
Total non-Malaysian pre-tax profit increased to 43 per cent in the first quarter 2012 from 38 per cent in the same quarter last year, it asid.
The bank's total gross loans expanded 10.5 per cent from the first quarter last year, while total group deposits grew by 13.7 per cent year-on-year, driven by a 15.6 per cent expansion in retail deposits.
Group Chief Executive Officer Datuk Seri Nazir Tun Razak said: "Despite the heightened downside risk to the global economy and markets, we remain optimistic that we will be able to achieve our targets for 2012.
"Our deal pipeline is strong and we believe that we can mitigate the expected slower growth in consumer lending across the region by improving liability management and improving non-interest income." -- Bernama
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