Business

Published: Tuesday November 20, 2012 MYT 7:37:00 PM

Malaysia's CIMB Q3 earnings up 12.9% to RM1.14b, record Q3 earnings


KUALA LUMPUR: CIMB Group Holdings Bhd's earnings rose 12.9% to RM1.14bil in the third quarter ended Sept 30, 2012 from the RM1.01bil a year ago, underpinned by the strong performances at CIMB Niaga, CIMB Bank Singapore and corporate banking and treasury markets.

It said on Tuesday revenue rose 16.9% to RM3.544bil from RM3.031bil while earnings per share were 15.38 sen compared with 13.61 sen.

For the nine-months ended Sept 30, 2012, it reported a record net profit of RM3.263bil, up 12.6% on-year growth and equivalent to net EPS of 43.9 sen from the RM2.898bil in the previous corresponding period.

CIMB said the group's profit before tax was 13.4% higher at RM4.307bil compared as increased credit charges and overhead expenses partially offset the revenue improvement.

The revenue increased by 15.8% to RM10.126bil, largely due to the 25.8% expansion in non-interest income from RM8.741bil a year ago.

Its group chief executive Datuk Seri Nazir Razak said: "Our momentum is strong going into 4Q12 but so are the external headwinds as growth in the region has slowed. But we remain optimistic as our corporate and capital market deal pipeline is good."

Nazir said the group remained focused on "CIMB 2.0" which included implementing large scale internal changes and integrating the ex-Royal Bank of Scotland Asia Pacific investment banking platform and Bank of Commerce (Philippines).

"These are key to strengthening our competitive edge across various businesses and achieving our long term aspirations," he said.

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