CIMB Group third-quarter profit up 3% to RM1.143b

CIMB Bank Singapore one of best-performing segments.

In a release, CIMB Group Holdings Berhad (CIMB Group) reported a net profit of RM1.143 billion was 3.0% higher than 2Q12, and 12.9% above its 3Q11 net profit of RM1.012 billion for 3Q12. This brought CIMB Group’s net profit for 9 months FY12 (9MFY12) to RM3.263 billion, representing a 12.6% year-on-year growth and equivalent to net earnings per share of 43.9 sen. The annualised net return on average equity was 16.3%.

"We had a good 3Q12 and 9MFY12, underpinned by strong performances at CIMB Niaga, CIMB Bank Singapore and Corporate Banking and Treasury Markets," said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group. “At the same time, we defended key market shares and added important building blocks to the franchise.”

"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,” said Nazir. “We remain focused on “CIMB 2.0” which includes implementing large scale internal changes and integrating the ex-RBS APAC 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."