CIMB registers record net profit of RM5.58b in 2018

: CIMB Group Holdings Bhd, which saw a record net profit of RM5.58 billion for the ending Dec 31, 2018 (FY18), is aiming a growth of 6%-7% for FY19.

Group CEO Tengku Datuk Seri Zafrul Aziz (pix) said the forecast takes into account the growth in its other markets.

CIMB posted a loan growth of 7% in FY18, supported by a 10.5% growth in .

“This year (FY19), we forecast a growth of 6%-7%, above the industry’s 5%,“ he told a press conference after announcing its FY18 results here today.

CIMB’s net profit for the fourth quarter ended Dec 31, 2018 rose 5.4% to RM1.12 billion from RM1.06 billion a year ago largely attributed to commercial and group funding, while revenue dipped 9.8% to RM4.07 billion compared with RM4.52 billion in the previous year’s corresponding quarter.

Its FY18 net profit was 24.8% higher at RM5.58 billion from RM4.48 billion in FY17, underpinned by strong performances from consumer and commercial banking, as well as lower provisions and costs. However, revenue was 1.4% lower at RM17.38 billion compared with RM17.63 billion in FY17.

The group declared a second interim net dividend of 12 sen per share, with the total dividend amounting to 25 sen. This translates to a dividend payout ratio of 50.8% of FY18 business-as-usual profits.

At 2.50pm, CIMB’s was trading 2 sen or 0.3% lower at RM5.84 on 3,128,800 shares changing hands.

Source: The Sun Daily

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