CIMB Group Holdings Berhad today reported a net profit of RM2.643 billion for 9 months for year 2010. The result, representing a 31.9% year on year (YoY) growth and equivalent to net earnings per share (EPS) of RM37.2 sen.
The annualised net return on equity (ROE) of 16.7% is higher than the Group’s full-year target of 16%. For 3Q 2010, the Group’s net profit of RM916 million was 3.0% higher than 2Q 2010, and 26.0% above its 3Q2009 net profit of RM727 million.
The Group has declared a special dividend of 13.45 sen (single tier) amounting to a net payment of RM1 billion. The dividend will be paid to shareholders before 31 December 2010.
"We have posted another record quarter in net earnings. The other main highlights of 3Q 2010 are our adoption of Basel II standards, the improvements in our asset quality ratios and of course, the special dividend," said Dato’ Sri Nazir Razak, Group Chief Executive CIMB Group.
CIMB Group’s 9 months for year 2010 revenues increased by 11.4% YoY to RM8.787 billion while the Group’s profit before tax (PBT) was 28.7% higher at RM3.499 billion.
For 9 months for year 2010, the Group’s Malaysian consumer bank PBT grew 20.2% YoY from a combination of sustained improvements in Retail Banking and Credit Cards as well as better recoveries at Group Special Assets Management (GSAM). Corporate & Investment Banking (CIB) PBT was 74.3% higher YoY at RM746 million in line with the more robust regional capital markets over the past 9 months. PBT at Treasury and Investments declined 18.0% YoY to RM964 million mainly due to lower investment realisations during the period.
For 9 months for year 2010, the Group’s Malaysian consumer bank PBT grew 20.2% YoY from a combination of sustained improvements in Retail Banking and Credit Cards as well as better recoveries at Group Special Assets Management (GSAM). Corporate & Investment Banking (CIB) PBT was 74.3% higher YoY at RM746 million in line with the more robust regional capital markets over the past 9 months. PBT at Treasury and Investments declined 18.0% YoY to RM964 million mainly due to lower investment realisations during the period.
PT Bank CIMB Niaga Tbk’s contribution surged 111.1% YoY to RM1.178 billion from RM558 million previously attributed to the strong loans growth, operational improvements and continued favourable operating conditions.
PBT from CIMB Thai jumped 190.5% YoY in 9 months for year 2010 to RM61 million from RM21 million in 9 months for year 2009. Asset Management and Insurance PBT was 51.9% lower YoY at RM62 million largely due to the non-recurrence of gains on change in accounting standards at CIMB Aviva last year.
CIMB Niaga remains the largest contributor to 9 months for year 2010 group PBT with 34% versus 21% in the previous corresponding period. The Malaysian Consumer Bank’s contribution to Group PBT was slightly lower at 14% compared to 15% in 9 months for year 2009, while Treasury and Investments declined to 27%.
CIMB Niaga remains the largest contributor to 9 months for year 2010 group PBT with 34% versus 21% in the previous corresponding period. The Malaysian Consumer Bank’s contribution to Group PBT was slightly lower at 14% compared to 15% in 9 months for year 2009, while Treasury and Investments declined to 27%.
Contribution from CIB rebounded to 21% from 16% previously. Group Asset Management (GAM) and Insurance fell to 2% from 5% while CIMB Thai’s contribution increased from 1% to 2% YoY. The 9 months for year 2010 total non-Malaysian contribution to PBT was 47% and it hit a record high of 53% in 3 Q 2010 alone.
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