CIMB posts Q3 net profit of RM57.3mil


  • Business
  • Wednesday, 05 Nov 2003

CIMB Bhd has posted a nine-month cumulative net profit of RM203.3mil, 165% higher than its net profit of RM76.5mil in the previous corresponding period.  

However, lower income from the debt market resulted in the group recording a sharply lower net profit of RM57.3mil for the third quarter ended Sept 30, which was down 40% compared with RM95.6mil achieved in the last quarter. 

CIMB's net income from debt activities dropped significantly to RM15.5mil compared with RM140.8mil in the previous quarter, it said in a statement to the KLSE. 

The cumulative net profit represented 23.9 sen in earnings per share for the group for the first nine months compared with 17.2 sen achieved at half year. 

During the period from January to September this year, CIMB recorded a net income of RM404.7mil compared with RM225.7mil in the previous corresponding period. Interest income, which totalled at RM236.7mil, formed the bulk of its total income compared with RM112.9mil last year. 

CIMB said the healthy level of financial advisory activities had also resulted in the group posting stronger results of RM88.5mil from this sector compared with RM75.9mil in the previous corresponding period. Income from this sector was at RM34.1mil for the third quarter compared with RM27.7mil in the previous quarter. 

Group chief executive officer Datuk Nazir Razak said the group was optimistic about its performance in the remaining quarter of the year given the strong primary market activity in debt and equity and the strong secondary equity market. 

“We have weathered difficult conditions in the bond markets, capitalised on stronger equity markets and maintained momentum in advisory,” he said. 

 Stock Watch On CIMB

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