KUALA LUMPUR: CIMB Group
Holdings Bhd reported a steep drop in its annual profits on higher loan loss provisions due to the pandemic, but the bank expects its financial performance to improve in 2021 in line with the economy.
Net profit in the last quarter ended Dec 31 fell 75% to RM215mil, or 2.17 sen a share, while revenue increased to RM4.7bil from RM4.5bil a year ago.
For the full year, the bank posted a net profit of RM1.2bil, or 12.04 sen a share compared with RM4.56bil, or 47 sen a share previously.
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