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CIMB records RM454mil pre-tax profit

KUALA LUMPUR: CIMB Group Holdings Bhd recorded a pre-tax profit of RM454mil in the third quarter ended Sept 30, up 132% from the immediate preceding quarter on higher operating income across nearly all its segments.

Over the nine-month period to Sept 30, the group registered a pre-tax profit of RM1.36bil and net profit of RM979mil, which translates to an annualised return on equity of 2.3% and earnings per share of 9.9 sen for the period.

On a quarter-on-quarter basis, Q3 operating income was 15.5% higher at RM4.47bil from RM3.87bil in Q2 due to increases in both net interest and non-interest income.

Net interest income rose 10% to RM3.23bil while non-interest income jumped 32.9% to RM1.24bil due to improved trading and FX activity in the quarter. Pre-provisioning operating profit rose 29.9% q-o-q to RM2.26bil.

The group said in a statement that its performance continued to be impacted by the ongoing Covid-19 pandemic.

During the period, it also recorded elevated provisions in key markets on specific accounts to strengthen the balance sheets, adjustments due to macro-economic factors and modification loss arising from the moratorium given to borrowers in Malaysia.

However, the group’s underlying business remained resilient with operating income growing sequentially across nearly all segments with gross loans and deposits increasing 1.6% and 6.1% respectively.

Current account savings account (Casa) ratio strengthened to 40%.

“Our 3Q20 performance came within expectations due to the continued impact of the pandemic, and the 4Q20 economic outlook remains subdued given the resurgence in Covid-19 cases domestically and globally, ” it said.


https://www.thestar.com.my/business/business-news/2020/11/28/cimb-records-rm454mil-pre-tax-profit

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