CIMB registers RM3.44bil nine-month net profit

KUALA LUMPUR: CIMB Group Holdings Bhd made a RM100.6mil loss in the third quarter due to a massive non-cash accounting impairment of goodwill of RM1.22bil for its business un Thailand, as well as RM83mil in intangible assets write-off and accelerated amortisation.

Despite the Q3 setback nine-month net profit stood at RM3.44bil compared with RM979mil made a year ago.

These one-off items in the third quarter have no impact to CIMB Group’s liquidity and capital position, the bank said in a statement today.

CIMB said that its core operating income was little changed in the three-month ended Sept 30 at RM4.39bil compared with RM4.41bil a year ago.

Core profit before tax (PBT) was up at RM1.64bil from RM454mil previously.

“CIMB Group’s performance remained resilient even as the Covid-19 crisis peaked in 3Q21 and governments undertook stricter movement restrictions to manage the pandemic, which affected economic activity," Group CEO Datuk Abdul Rahman Ahmad said.

"We saw slower quarter-on-quarter momentum due to modification loss as we expanded our repayment assistance to help affected borrowers under the PEMULIH programme, and lower non-interest income due to the weaker trading environment and restricted economic activity," he added.

However, Rahman said that the group's year-to-date performance showed strong year-on-year recovery across all segments and markets.

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