CIMB Group Holdings Bhd. reported a year-over-year increase in consolidated third-quarter net profit as net interest income rose and provisions declined.
The group said Nov. 28 that profit attributable to owners rose to 1.13 billion ringgit for the third quarter from 1.02 billion ringgit in the third quarter of 2016. Basic EPS for the quarter rose to 12.50 sen from 11.74 sen.
Net interest income for the quarter rose to 2.60 billion ringgit from 2.45 billion ringgit. The group's income from its Islamic banking operations also increased year over year to 527.5 million ringgit from 425.2 million ringgit.
The group's allowance for impairment losses on loans, advances and financing amounted to 596.1 million ringgit, down from the prior-year quarter's 603.3 million ringgit.
For the nine months to Sept. 30, the group's profit attributable to owners rose to 3.41 billion ringgit, or 38.06 sen per basic share, from 2.71 billion ringgit, or 31.35 sen per basic share. The group said its improved performance was underpinned by positive net interest margins, declining provisions and healthier capital market activity.
The group's net interest margin for the nine months to Sept. 30 stood at 2.67%, compared with 2.61% for the prior-year period.
The group's gross impaired loans ratio was 3.5% as of Sept. 30, compared with 3.2% as of Sept. 30, 2016.
As of Sept. 30, the group's total capital ratio was 16.6%, while its common equity Tier 1 ratio stood at 12%.
As of Nov. 27, US$1 was equivalent to 4.11 Malaysian ringgit.
