CIMB Group reported a record net profit of RM3.29 billion in the first half of 2018, mainly bolstered by a gain from the sale of CIMB-Principal Asset Management and CIMB-Principal Islamic Asset Management.
On a Business-as-Usual (BAU) basis, net profit was RM2.36 billion, representing a 3.3% year-on-year increase. A strong performance by the commercial and consumer banking divisions, as well as lower operating expenses contributed to the profit growth.
Group CEO of CIMB Group, Tengku Dato’ Sri Zafrul Aziz, said: “We are pleased with our record net profit of RM3.29 billion, contributed partly by the RM928 million gain from the strategic realignment of our shareholding in CPAM and CPIAM, which also provided an uplife of 15bps to our CET1. Consumer banking chalked a stellar performance, posting a 34.7% YoY increase in profit before tax (PBT); while commercial banking’s PBT rose by 19.9% YoY. The weaker market in Malaysia, however, contributed to a lower PBT for wholesale banking.”