Tuesday, November 23, 2010

CIMB up on earnings, RM1b dividend

KUALA LUMPUR: Shares of CIMB Group Holdings Bhd advanced in active trade on Tuesday, Nov 23 after it reported a stronger set of earnings and declared a special dividend amounting to a net payment of RM1 billion.

At 9.22am, it was up 10 sen to RM8.51 with 5.09 million shares done.

The FBM KLCI rose 4.95 points to 1,508.15. Turnover was 98.72 million shares done valued at RM188.74 million. Gainers beat losers 132 to 96 while 156 stocks were unchanged.

CIMB reported'' a 26% increase in earnings at RM916 million in the third quarter ended Sept 30, 2010. Group revenue was RM2.91 billion, down 4.1% on-year. It declared a special dividend of 13.45 sen (single tier) amounting to a net payment of RM1 billion for the 3Q.

Hwang DBS Vickers Research is maintaining a Buy on CIMB Group at RM10.10 after'' the banking group's 3Q10 net profit of RM916 million brought 9M10 earnings to RM2.6 billion, which was within expectations.

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