CIMB’s quarterly net profit down 8.7% to RM1.19bil

KUALA LUMPUR: CIMB Group Holdings Bhd’s net profit slipped 8.7% to RM1.19bil for the first quarter ended March 31 (1Q19) compared with RM1.3bil in the same quarter last year in the absence of one-off disposal gain last year.

The bank group reported a pre-tax profit (PBT) of RM1.6bil during the quarter, down 8% year-on-year (y-o-y) due to lower operating income and a 7.5% increase in operating expenses, partially offset by a 25.2% y-o-y decline in loan loss provisions.