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RETAIL BANKING | Cesar Tordesillas, Malaysia

Malaysia’s CIMB Q1 net profit up 10%

CIMB announced a 10.3 percent increase in first-quarter net profit mainly due to stronger regional corporate banking and treasury markets businesses.

The bank posted a net profit of 1.01 billion ringgit or US$321.14 million in the quarter, compared with 916.54 million ringgit in the same quarter a year ago.

“The year has started well for us, driven by outperformance at the regional corporate banking and treasury markets divisions and sustained high growth momentum at CIMB Niaga [in Indonesia],” CIMB’s chief Nazir Razak said in a statement.

The bank has seen its regional units bearing fruit over the years and recently expanded its Asia presence further by acquiring some Asian operations of Royal Bank of Scotland and the unlisted banking arm of the Philippines’ San Miguel Corp.

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