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Third Quarter Earnings of CIMB Group Reported at RM890.27m

December 18, 2014 By John Birks

The CIMB Group Holdings Bhd, a consumer bank of Malaysia posted RM890.27mil earnings for the quarter ending September 30, a 16.1% drop from its previous year’s RM1.061bil earnings as a result of its CIMB Niaga higher loan damages.

This morning, the banking firm, announced its revenue, which jumped 1.2% to RM3.528bil. Company earnings for every share were at 10.72 sen, lower than the previous 13.91 sen.

Third Quarter Earnings of CIMB Group Reported at RM890.27m CIMB’s operating income for its third quarter improved by 1.3% to RM3.529 billion due to the net interest income increase of 4.8%, which was partially compensated by the non-interest revenue decline of 6.4% as a result of lower free-based revenue and softer markets and treasury from Niaga.

Similar quarter’s net profits were 16.2% lesser at RM890mil, primarily due to CIMB Niaga’s higher loan deficiencies. During the past 9 months ending September 30, company revenue dropped 17% to RM2.906bil. The latest result was attributed to the company’s first 9-month net profit last year, amounting to RM3.502bil that included the CIMB Aviva sale of RM365mil gain and the restructuring charges.

Without exceptional gains, CIMB’s BAU (Business as Usual) 9MFY14 net profit dropped 7.4% year-per-year. The firm’s annual 9MFY14 clear return on average equity or ROE was at 11.6 percent along with a superior equity base after the January new share placement.

Tengku Datuk Zafrul Tengku Aziz, acting CEO, said the current has really been challenging as the company’s BAU profitability was relatively affected by the Indonesian unstable operating conditions due to weakened Rupiah, bringing 36.4 percent on-year decrease in Niaga’s PBT (Profit Before Tax) contributions.

Filed Under: Business & Economy, Capital & Retail Sector Tagged With: CIMB Group Holdings Bhd

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