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CIMB Group Q1 net profit rises to RM1.34 bln
Last update: 30/05/2018

KUALA LUMPUR, May 30 (Bernama) --†CIMB Group Holdings Bhd's net profit for the first quarter ended March 31, 2018 (Q1 2018), rose to RM1.34 billion from RM1.21 billion in the same quarter last year.

Revenue fell to RM4.30 billion from RM4.36 billion previously, it said in†a filing with Bursa Malaysia today.

Group Chief Executive Officer Tengku†Datuk†Seri†Zafrul†Aziz said the higher net profit was achieved on the back†of sustained cost discipline, lower provisions and†gain from a stake disposal in CIMB†Securities International.

He said the group's total capital ratio, at 16.4 per cent, was†solid even after the adoption of Malaysian Financial Reporting Standards, while the common equity tier-1 capital ratio stood at 11.7 per cent.

"The cost-to-income ratio improved to 49.8 per cent, below our 50 per cent†year-end target, as operating expenses remained under control across all segments," he said.

The group's total gross loans (excluding†the bad bank) grew†by 0.5 per cent year-on-year (y-o-y) while total deposits were 2.7 per cent higher y-o-y. The group's loan-to-deposit ratio stood at 89.7 per cent compared with 91.7 per cent in Q1 2017.

On prospects, the group said it was†optimistic for the rest of the year and confident of achieving its 2018 targets (T18)†by year-end.

"Plans to complete our presence in all 10 ASEAN countries are well on track, with our digital banking launch in Vietnam and the opening of our first branch in the Philippines.

"We expect continued growth momentum in Malaysia with further improvement in loan growth and asset quality across Indonesia, Thailand and Singapore," he added.



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US 3.9960/9990
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Source: Bank Negara Malaysia

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