(29 February 2012 – Asia) Malaysia’s CIMB Group Holdings Berhad reported a record net profit of US$1.3 billion (A$1.2 billion) for 2011, with fourth quarter earnings alone at US$374 million.The Group’s net profit of US$374 million was 12 percent higher than the third quarter 2011, and 29.8 percent above its fourth quarter 2010 net profit of US$288 million.
The full year 2011 net return on equity was also a record high 16.4 percent, but below the Group’s full-year target of 17 percent.
The Group’s full year revenues stood at US$4 billion, up 2.1 percent year-on-year. Net interest income grew by 3 percent while non-interest income rose just 0.3 percent higher year-on-year since last year’s non-interest revenues were boosted by several large items including the sale of ex-Lippo bonds.
The Group’s profit before tax was 12.4 percent higher at US$1.7 billion driven by lower credit losses and better cost management.
‘We delivered record profits and ROE in a year when revenue growth was subdued due to the high 2010 non-interest income base, compressing interest margins and our more cautious approach to asset growth,” said said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.