CIMB Group Holdings Bhd. posted a 10.7% year-over-year increase in net profit for the first quarter.
The group reported first-quarter net profit attributable to owners of 1.31 billion Malaysian ringgit, up from 1.18 billion ringgit in the prior-year quarter.
Basic EPS rose to 14.15 sen from 13.31 sen.
The company attributed the rise in net profit to sustained cost discipline, lower provisions and a 152 million ringgit gain from the sale of a 50% stake in CIMB Securities International.
Net interest income fell to 2.42 billion ringgit from 2.65 billion ringgit, while income from Islamic banking operations climbed to 590.9 million ringgit from 474.0 million ringgit.
Allowance for impairment losses on loans, advances and financing came to 401.3 million ringgit for the quarter, down from 424.5 million ringgit in the same period the prior year.
Net interest margin for the first quarter dropped to 2.57%, down from 2.72% for the prior-year quarter.
The group's gross impaired loans ratio came to 3.2% as of the end of March, remaining the same from March 31, 2017.
As of March 31, the group's total capital ratio stood at 16.4%, while its common equity Tier 1 ratio came to 11.7%.
As of May 29, US$1 was equivalent to 3.98 Malaysian ringgit.
