CIMB’s Q4 net profits triple
(26 February 2016 – Malaysia) Malaysia's second largest bank by assets, CIMB Group, has reported that its net profit for the fourth quarter more than tripled following higher operating income and lower provisions.
Net profit for the quarter ended in December 2015 was 850 million ringgit (A$279 million) compared to 252 million ringgit a year prior, the lender said.
Cautious of volatile markets and the challenges faced by the financial services industry, the bank said it would progress through the year ahead "prudently".
"We will continue to see challenges in countries we are operating in. We expect performance to improve this year. We do not expect the numbers to contract, but expect slower growth (in loans and assets)," CIMB Group Chief Executive Zafrul Aziz told reporters.
He added the bank was working towards starting its Vietnam operations by the end of 2016.
CIMB has grown across Southeast Asia in the last decade, however the region has been impacted by a slowdown in economic growth and depreciating currencies.
Earlier this year, CIMB drastically reduced the headcount in its Hong Kong investment banking and equities business, blaming increasing costs and weakening market conditions.
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