KUALA LUMPUR CIMB Group Holdings Bhd has posted a record net profit of RM2.898 billion for the third quarter, a 9.6 per cent growth year-on-year, but it fell short of its return- on-equity (ROE) target by 1 per cent, at 16 per cent.
"Although we may fall short of our ROE target of 17 per cent, we should exceed consensus analysts' forecasts for 2011," said chief executive officer Datuk Seri Nazir Razak.
He said for the fourth quarter, the group's treasuring as well as merger and acquisition business is expected to do well.
"However, markets are volatile and regional economic indicators are softening, so we remain conservative on capital, liquidity and credit standards," Nazir said in a statement here yesterday.
Nazir pointed out that the record earnings in the third quarter was underpinned by continued improvement at its local consumer banking operations and rebound in treasury and investments.
"We remain behind our full-year targets, but given the deteriorating environment and our cautious stance, we are pleased with these results," he said.
For the period under review, group revenue was at RM8.74 billion, 0.6 per cent higher.
Its pre-tax profit was 8.5 per cent higher at RM3.8 billion, bolstered by much lower credit losses and a low overhead cost increase.
Its local consumer bank's pre-tax profit rose by 79.3 per cent year-on-year to RM1.06 billion. Earnings of its corporate and investment banking, was lower by 9.9 per cent at RM657 million and the treasury and investment business declined by 8.4 per cent to RM802 million.
Its Jakarta-based CIMB Niaga's pre-tax profit rose 36.1 per cent to 3,276 billion rupiah, while CIMB Thai's contribution was unchanged at RM61 million.
The group's total gross loans expanded 15.3 per cent year-on-year, underpinned by the 33.4 per cent growth at CIMB Niaga as well as the 12.6 per cent increase in Malaysian consumer loans.
Follow up story: CIMB nets RM2.9b in first nine months
CIMB Group Holdings Bhd has posted a record net profit of RM2.9 billion for the first nine months of its current financial year, and not for the third quarter as reported in the news yesterday.
The error is regretted.
"Although we may fall short of our ROE target of 17 per cent, we should exceed consensus analysts' forecasts for 2011," said chief executive officer Datuk Seri Nazir Razak.
He said for the fourth quarter, the group's treasuring as well as merger and acquisition business is expected to do well.
"However, markets are volatile and regional economic indicators are softening, so we remain conservative on capital, liquidity and credit standards," Nazir said in a statement here yesterday.
Nazir pointed out that the record earnings in the third quarter was underpinned by continued improvement at its local consumer banking operations and rebound in treasury and investments.
"We remain behind our full-year targets, but given the deteriorating environment and our cautious stance, we are pleased with these results," he said.
For the period under review, group revenue was at RM8.74 billion, 0.6 per cent higher.
Its pre-tax profit was 8.5 per cent higher at RM3.8 billion, bolstered by much lower credit losses and a low overhead cost increase.
Its local consumer bank's pre-tax profit rose by 79.3 per cent year-on-year to RM1.06 billion. Earnings of its corporate and investment banking, was lower by 9.9 per cent at RM657 million and the treasury and investment business declined by 8.4 per cent to RM802 million.
Its Jakarta-based CIMB Niaga's pre-tax profit rose 36.1 per cent to 3,276 billion rupiah, while CIMB Thai's contribution was unchanged at RM61 million.
The group's total gross loans expanded 15.3 per cent year-on-year, underpinned by the 33.4 per cent growth at CIMB Niaga as well as the 12.6 per cent increase in Malaysian consumer loans.
Follow up story: CIMB nets RM2.9b in first nine months
CIMB Group Holdings Bhd has posted a record net profit of RM2.9 billion for the first nine months of its current financial year, and not for the third quarter as reported in the news yesterday.
The error is regretted.
