CIMB Singapore drove Group growth in 2Q12

It proved instrumental to increasing net profit by 9.7% qoq to RM1.1billion.

"The Group posted another solid performance in 1H12, underpinned by continued strong growth at CIMB Niaga and CIMB Singapore and outperformance at Corporate Banking and Treasury Markets (“CBTM”)" said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group. "Overall, our top line grew very well to offset higher operating and credit costs which were anticipated." 

The Group announced its 2Q12 results, posting revenues of RM3.326 billion for the quarter, or 2.2% higher than 1Q12. This translated to the 9.7% qoq net profit improvement to RM1.109 billion. Net interest income was 5.6% higher while non-interest income was 3.7% lower qoq.

Singapore’s consumer operations turned a maiden quarterly profit. Wholesale Banking profit before tax (PBT) increased 19.5% qoq with Investment Banking showing a jump from RM14 million in 1Q to RM134 million.

On a yoy basis, though, the Malaysia & Singapore consumer operations PBT grew 6.9% as growth continued to moderate, according to CIMB Group. Specifically, CIMB Singapore’s PBT rose 91.1% to RM108.3 million increasing its share of Group PBT to 4%.