CIMB 16% higher profit
(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.
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.
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