KUALA LUMPUR: CIMB Group Holdings Bhd's earnings rose 9.3% to RM916.51 million in the first quarter ended March 31 compared with RM838.08 million a year ago.
The banking group reported on Wednesday, May 25 that revenue was RM2.75 billion compared with RM2.787 billion. Earnings per share were 12.33 sen compared with 11.86 sen.
The annualised 1QFY11 net return on equity (ROE) was 15.7%. Compared to 4QFY10, the group's net profit was 4.4% higher.
Its group chief executive, Datuk Seri Nazir Razak said: 'We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at CIMB Niaga.'
CIMB Group said though its 1QFY11 revenues decreased 1.3% on-year to RM2.75 billion due to lower non-interest income, the group's profit before tax was 9.2% higher at RM1.23 billion as credit losses dropped sharply.
The group's Malaysian consumer bank profit before tax'' increased by 83.4% on-year to RM343 million as a 12.6% improvement in revenues was accompanied by a write-back in provisions.
Profit before tax at the corporate and investment banking rose 13.6% on-year to RM243 million, while treasury and investments declined 13.1% on-year to RM253 million.
'CIMB Niaga's profit before tax was up 39.2% to 980 billion rupiah but its contribution to the group fell 20.6% on-year to RM336 million due to the absence of gains arising from the sale of available for sale'' bonds which occurred in 1QFY10.
'Meanwhile, CIMB Thai's profit before tax contribution (after GAAP and FRS139 adjustments) surged to RM37 million from RM6 million in 1QFY10. Asset Management and insurance profit before tax rose 162.5% on-year to RM21 million due to the non-recurrence of provisions for doubtful debts made at CIMB Aviva in 1Q10.
CIMB Group said the Malaysian consumer bank and CIMB Niaga were jointly the largest contributors to group profit before tax at 27% compared to 17% and 37% respectively in 1QFY10.
Treasury and investments fell to 21% from 25% previously. Contribution from corporate and investment banking increased to 20% from 19% previously. Group asset management and insurance rose to 2% from 1% last year, while CIMB Thai's contribution is now 3% compared to 1% in 1Q10.
Total non-Malaysian profit before tax declined to 37% in 1Q11''from 46% in 1Q10 due to absence of the available for sale bond gains at CIMB Niaga.
The banking group reported on Wednesday, May 25 that revenue was RM2.75 billion compared with RM2.787 billion. Earnings per share were 12.33 sen compared with 11.86 sen.
The annualised 1QFY11 net return on equity (ROE) was 15.7%. Compared to 4QFY10, the group's net profit was 4.4% higher.
Its group chief executive, Datuk Seri Nazir Razak said: 'We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at CIMB Niaga.'
CIMB Group said though its 1QFY11 revenues decreased 1.3% on-year to RM2.75 billion due to lower non-interest income, the group's profit before tax was 9.2% higher at RM1.23 billion as credit losses dropped sharply.
The group's Malaysian consumer bank profit before tax'' increased by 83.4% on-year to RM343 million as a 12.6% improvement in revenues was accompanied by a write-back in provisions.
Profit before tax at the corporate and investment banking rose 13.6% on-year to RM243 million, while treasury and investments declined 13.1% on-year to RM253 million.
'CIMB Niaga's profit before tax was up 39.2% to 980 billion rupiah but its contribution to the group fell 20.6% on-year to RM336 million due to the absence of gains arising from the sale of available for sale'' bonds which occurred in 1QFY10.
'Meanwhile, CIMB Thai's profit before tax contribution (after GAAP and FRS139 adjustments) surged to RM37 million from RM6 million in 1QFY10. Asset Management and insurance profit before tax rose 162.5% on-year to RM21 million due to the non-recurrence of provisions for doubtful debts made at CIMB Aviva in 1Q10.
CIMB Group said the Malaysian consumer bank and CIMB Niaga were jointly the largest contributors to group profit before tax at 27% compared to 17% and 37% respectively in 1QFY10.
Treasury and investments fell to 21% from 25% previously. Contribution from corporate and investment banking increased to 20% from 19% previously. Group asset management and insurance rose to 2% from 1% last year, while CIMB Thai's contribution is now 3% compared to 1% in 1Q10.
Total non-Malaysian profit before tax declined to 37% in 1Q11''from 46% in 1Q10 due to absence of the available for sale bond gains at CIMB Niaga.
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