CIMB POSTS HIGHER NET PROFIT OF RM2.03 BLN IN 3Q

KUALA LUMPUR, Nov 28 (Bernama) -- CIMB Group Holdings Bhd posted a higher net profit of RM2.03 billion in the third quarter ended Sept 30, 2024 (3Q 2024), compared to RM1.85 billion in the same period last year.

In a filing with Bursa Malaysia today, it said revenue improved to RM5.74 billion from RM5.31 million previously.

For the first nine months of its financial year ending Dec 31, 2024 (9M FY2024), its net profit grew to RM5.93 billion from RM5.27 billion in 9M FY2023, while revenue rose to RM16.97 billion versus RM15.64 billion previously.

“The increase in revenue was buoyed by improvements in net interest income (NII) and non-interest income (NOII).

“NII increased by 6.0 per cent year-on-year (y-o-y) driven by asset growth, while NOII grew 14.4 per cent y-o-y to RM5.39 billion on the back of stronger fees, treasury client sales and trading income,” it said in a separate statement.

The company’s overall performance was underpinned by robust operating income growth, disciplined cost controls and improvement in asset quality, contributed by the group’s diversified ASEAN portfolio, which serves diverse client segments, it added.

On a constant currency basis, the group’s total gross loan growth was positive at 4.3 per cent y-o-y, underpinned by strong demand across markets, while deposits increased marginally y-o-y. Total current account saving account (CASA) balances expanded by 4.5 per cent y-o-y, increasing the CASA ratio to 42.0 per cent as of September 24.

On prospects, group chief executive officer of CIMB Group Novan Amirudin said the banking group is on track to achieve its FY2024 targets as it approaches the final quarter of its Forward23+ journey and will continue to explore strategies to optimise cost, while remaining vigilant in managing risk amid economic headwinds and market volatility.

He said the group remain cautious of external uncertainties and will monitor the macroeconomic backdrop while being confident in its current strategies.

“We have also made significant investments in strengthening our technology resiliency to deliver superior customer experience. We aim to strengthen our deposit franchise and embrace the theme of ‘simpler, better, faster’ throughout our business, which will be central to our new strategic plan.

“This builds on our competitive strengths, endowments and anticipated key market trends, with further details to be announced in the first quarter of 2025,” he said.

-- BERNAMA