KUALA LUMPUR:'' CIMB Group Holdings Bhd posted a strong set of financial results for the second quarter ended June 30, 2010 with net profit of RM889.46 million, which was 34.1% above the RM663.15 million a year ago, supported by a strong rebound in corporate and investment banking, surge in contribution from CIMB Niaga and drop in loan loss provisions.
It said on Thursday, Aug 26 that revenue was RM3.018 billion compared with RM2.589 billion a year ago. Earnings per share were 12.59 sen compared with 9.40 sen.
For 2Q10, the group's net profit of RM889.46 million was 6.1% higher than the first quarter earnings.
CIMB Group said for the first half, net profit was RM1.727 billion, up 35.2% on-year growth and equivalent to net EPS of 24.5 sen.
The financial services group said the annualised net return on equity (ROE) of 17% remained ahead of the group's full-year target of 16%. The group declared an interim dividend of 4.625 sen (single tier) amounting to a net payment of RM339 million.
Its group chief executive Datuk Seri Nazir Razak said: 'We posted our highest ever three and six months performance. The highlights were the strong rebound in corporate and investment banking, surge in contribution from CIMB Niaga and drop in loan loss provisions.'
CIMB Group's 1H10 revenue increased by 14.9% on-year to RM5.861 billion while the Group's profit before tax was 34.8% higher at RM2.314 billion.
For 1H10, the group's Malaysian consumer bank pre-tax profit grew 23.5% on-year from a combination of sustained improvements in retail banking and credit cards as well as better recoveries at group special assets management.
It said pre-tax profit at treasury & investments slipped 25.3% on-year to RM605 million mainly due to lower net gains from investments during the period. Corporate & investment banking pre-tax profit was higher by 72.9% on-year to RM498 million as regional capital markets were significantly better than 1H09.
On its overseas operations, CIMB Group said CIMB Niaga's contribution surged 171.1% on-year to RM828 million from RM305 million previously owing to continued operational improvements as well as very favourable operating conditions.
CIMB Thai made a RM26 million pre-tax profit contribution in 1H10 compared to a RM29 million loss in 1H09. Asset management and insurance pre-tax profit was 55.4% lower on-year at RM36 million largely due to the non recurrence of gains on change in accounting standards at CIMB Aviva last year.
It said on Thursday, Aug 26 that revenue was RM3.018 billion compared with RM2.589 billion a year ago. Earnings per share were 12.59 sen compared with 9.40 sen.
For 2Q10, the group's net profit of RM889.46 million was 6.1% higher than the first quarter earnings.
CIMB Group said for the first half, net profit was RM1.727 billion, up 35.2% on-year growth and equivalent to net EPS of 24.5 sen.
The financial services group said the annualised net return on equity (ROE) of 17% remained ahead of the group's full-year target of 16%. The group declared an interim dividend of 4.625 sen (single tier) amounting to a net payment of RM339 million.
Its group chief executive Datuk Seri Nazir Razak said: 'We posted our highest ever three and six months performance. The highlights were the strong rebound in corporate and investment banking, surge in contribution from CIMB Niaga and drop in loan loss provisions.'
CIMB Group's 1H10 revenue increased by 14.9% on-year to RM5.861 billion while the Group's profit before tax was 34.8% higher at RM2.314 billion.
For 1H10, the group's Malaysian consumer bank pre-tax profit grew 23.5% on-year from a combination of sustained improvements in retail banking and credit cards as well as better recoveries at group special assets management.
It said pre-tax profit at treasury & investments slipped 25.3% on-year to RM605 million mainly due to lower net gains from investments during the period. Corporate & investment banking pre-tax profit was higher by 72.9% on-year to RM498 million as regional capital markets were significantly better than 1H09.
On its overseas operations, CIMB Group said CIMB Niaga's contribution surged 171.1% on-year to RM828 million from RM305 million previously owing to continued operational improvements as well as very favourable operating conditions.
CIMB Thai made a RM26 million pre-tax profit contribution in 1H10 compared to a RM29 million loss in 1H09. Asset management and insurance pre-tax profit was 55.4% lower on-year at RM36 million largely due to the non recurrence of gains on change in accounting standards at CIMB Aviva last year.
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