CIMB Group core net profit up 23.2% YoY in first 9 months

It posted a higher operating income and contained cost escalation.

CIMB Group Holdings said its core net profit increased by 23.2% year-on-year (YoY) to around $1.46b (RM4.73b) on the first nine months of 2022 on the back of higher operating income, contained cost increases, and lower provisions across key markets.

In a statement, CIMB said its core profit before tax increased by 22.9% YoY to around $1.99b (RM6.47b).

CIMB’s core operating income jumped 6.2% YoY to around $4.5b (RM14.62b), with the net interest income increasing 6.8% mainly due to the strong loan growth and improvement in net interest margin in Malaysia and Singapore.

The company’s core non-interest income also recovered with a 4.2% YoY increase to $1.07b (RM3.49b) due to stronger fee and commission income and higher non-performing loan recoveries.

For the third quarter ending on 30 September, the Group’s net profit rebounded to $434m (RM1.41b) following a net loss in the same period last year, whilst the profit before tax reached $677.3m (RM2.20b) from $102.5m (RM333m).

The profit reversal was attributed to the significant increase in operating income of 13.7% and the absence of exception items relating primarily to the non-cash write-down in the value of CIMB Thai, it said.

“Strong operating income driven by loan growth across all businesses and markets, continued cost discipline and lower provisions contributed to the Group’s positive performance in 9M22,” said Group CEO Abdul Rahman Ahmad.

“This reflects the post-pandemic economic recovery in the regional economies we operate in, as well as the positive momentum from initiatives implemented under our Forward23+ strategic plan in reshaping our portfolio and making focused investments in profitable segments,” he added.

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