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CIMB records RM714mil Q1 pre-tax profit

TheStar Sat, May 23, 2020 11:40am - 1 day ago

“We foresee continued challenges for the rest of the year, ” CIMB said.

PETALING JAYA: CIMB GROUP HOLDINGS BHD has reported a profit before tax for the first quarter ended March 31 of RM714mil, down 55.5% from the pre-tax profit of RM1.6bil it made for the same period a year earlier, hit by a spike in provisions and lower non-interest income.

Its net profit was also down by over 57% to RM507.9mil from RM1.19bil last year.

Revenue for the quarter dropped marginally by 0.6% to RM4.14bil against RM4.17bil a year earlier.

The bank, the second largest lender in the country, said in a statement that the first quarter was a challenging one.

“We foresee continued challenges for the rest of the year, ” it said.

For the quarter under review, the group’s total gross loans grew by 3.8% while total deposits were 3.9% higher, mainly contributed by Singapore (+17.7%) and Thailand (+13.4%).

“In tandem, the group’s CASA ratio strengthened to 36.5%.

The group’s gross impairment ratio meanwhile stood at 3.4% as at end-March 2020, with an allowance coverage of 75.9%.

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