CIMB reports growth in regional operations
(27 February 2013 – Malaysia) Malaysia’s CIMB Group’s net profit is up 7.8 percent to US$1.4 billion (A$1.3 billion) for the financial year 2012.
For the fourth quarter FY12 alone, the Group’s net profit of RM1.082 billion (A$33 million) was 5.3 percent lower than 3Q12 and 4.5 percent lower year-on-year.
'We delivered another set of record profits for FY12, underpinned by strong earnings growth in most of our business lines,' said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.
"I am especially pleased that this was achieved without aggressive lending growth and despite investing and undergoing substantial internal changes in line with our "CIMB 2.0" theme, to strengthen our competitive edge going forwards."
CIMB Group’s FY12 revenues were 11.3 percent higher year-on-year at RM13.495 billion. Net interest income grew by 10.6 percent while non-interest income expanded by 12.7 percent underpinned by a record year in capital market transactions and an uplift in treasury markets activity.
In 2012, the Group’s regional Consumer Bank PBT expanded by 23.9 percent year-on-year to RM2.323 billion.
The Malaysia and Singapore consumer operations PBT grew 17.7 percent year-on-year despite only moderate revenue growth due to provision write-backs in Malaysia and their Singapore unit reaching breakeven point.
The consumer banking operations’ PBT in Indonesia expanded by 45.9 percent year-on-year from a combination of better margins and growth in assets. The Thai consumer operations have yet to break-even and posted a RM3 million loss.
The Group’s regional Wholesale Banking PBT rose 23.1 percent to RM2.868 billion largely underscored by the Treasury & Markets division and Investment Banking PBT improving by 43.8 percent and 18.3 percent respectively.
CIMB Bank’s risk weighted capital ratio is expected to be 16.0 percent while its core capital ratio is expected to be 12.8 percent as at 31 December 2012 (after inclusion of FY12 net profits and proposed DRS).
CIMB Group’s double leverage and gearing stood at 124.1 percent and 26.1 percent respectively as at end-December 2012.
'We delivered another set of record profits for FY12, underpinned by strong earnings growth in most of our business lines,' said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.
"I am especially pleased that this was achieved without aggressive lending growth and despite investing and undergoing substantial internal changes in line with our "CIMB 2.0" theme, to strengthen our competitive edge going forwards."
CIMB Group’s FY12 revenues were 11.3 percent higher year-on-year at RM13.495 billion. Net interest income grew by 10.6 percent while non-interest income expanded by 12.7 percent underpinned by a record year in capital market transactions and an uplift in treasury markets activity.
In 2012, the Group’s regional Consumer Bank PBT expanded by 23.9 percent year-on-year to RM2.323 billion.
The Malaysia and Singapore consumer operations PBT grew 17.7 percent year-on-year despite only moderate revenue growth due to provision write-backs in Malaysia and their Singapore unit reaching breakeven point.
The consumer banking operations’ PBT in Indonesia expanded by 45.9 percent year-on-year from a combination of better margins and growth in assets. The Thai consumer operations have yet to break-even and posted a RM3 million loss.
The Group’s regional Wholesale Banking PBT rose 23.1 percent to RM2.868 billion largely underscored by the Treasury & Markets division and Investment Banking PBT improving by 43.8 percent and 18.3 percent respectively.
CIMB Bank’s risk weighted capital ratio is expected to be 16.0 percent while its core capital ratio is expected to be 12.8 percent as at 31 December 2012 (after inclusion of FY12 net profits and proposed DRS).
CIMB Group’s double leverage and gearing stood at 124.1 percent and 26.1 percent respectively as at end-December 2012.
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