Tuesday, August 23, 2011

#Update* CIMB 2Q earnings up 9.1% to record RM970m

KUALA LUMPUR: CIMB Group Holdings Bhd's earnings rose 9.1% to a record RM970.01 million in the second quarter ended June 30 from RM889.46 million a year ago, underpinned by the local consumer banking operations and continued high growth at CIMB Niaga.

The banking group said on Tuesday, Aug 23 that when compared to the preceding first quarter ended March 31, its earnings rose 5.8%.

Its revenue dipped to RM2,959,191 from 2,993,371. Earnings per share were 13.05 sen compared with 12.59 sen a year ago. It declared an interim dividend of 12 sen per share compared with 4.62 sen a year ago.

Group chief executive of CIMB Group Datuk Seri Nazir Razak said: 'We had another quarter of record profits in 2Q11, underpinned by a strong uplift from our Malaysian consumer banking operations and continued high growth at CIMB Niaga.

'We are however still behind our ROE and balance sheet growth targets for the year as we have been treading more cautiously given the uncertain global environment.'

For the first half, its net profit rose 9.3% to RM1.887 billion (from RM1.727 billion), which was equivalent to net earnings per share (EPS) of 25.4 sen.

The annualised 1H11 net return on equity (ROE) was 15.8%.

It said the interim net dividend of 12 sen per share amounted to a net payment of RM892 million, translating to a dividend payout ratio of 47% of 1HFY11 net profits.

Its revenue eased a marginal 0.9% to RM5.709 billion from RM5.795 billion a year ago.

CIMB Group said for 1H11, its Malaysian consumer bank pre-tax profit increased by 83.3% on-year to RM715 million as the 11.9% improvement in revenue was boosted by low credit charges.

For its corporate & investment banking, the pre-tax profit rose 1.2% on-year to RM493 million, while treasury & investments declined 15.7% on-year to RM461 million.

As for CIMB Niaga, its pre-tax profit rose 39.6% to 2,123 billion rupiah but its contribution to the group was 11.1% lower on-year at RM736 million due to the absence of gains arising from the sale of ex-Lippo Bank bonds which occurred in 1H10.

CIMB Thai's PBT contribution (after GAAP and FRS139 adjustments) surged 88.4% to RM49 million from RM26 million in 1H10. Its asset management and insurance pre-tax profit rose 57.9% on-year to RM57 million due to the non-recurrence of provisions for doubtful debts made at CIMB Aviva in 1H10.

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