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Malaysia s CIMB suffers 75% drop in Q4 profit, squeezed by provisioning

By Reuters Staff (Refiles to add missing phrase ‘year-on-year’, paragraph 2) KUALA LUMPUR, Feb 26 (Reuters) - Malaysia’s CIMB Group Holdings Bhd reported on Friday a 75% slump in fourth-quarter net profit, as higher bad loan provisions during the coronavirus pandemic weighed on earnings. The latest results mean Malaysia’s second largest lender by assets has now suffered two years of consecutive year-on-year quarterly earnings declines. CIMB said in a bourse filing that its performance last year was largely impacted by the COVID-19 pandemic. Expected credit losses on loans, advances and financing more than doubled, rising by 128.4% to 1.38 billion ringgit ($341 million) during the period.

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CIMB to ride on economic recovery

PETALING JAYA: Following CIMB Group Holdings Bhd’s Indonesian unit – CIMB Niaga’s – recent financial results, analysts believe that the banking group will do better in the coming quarters, banking on an economic recovery theme.

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A watershed year for Indonesia s CIMB Niaga

KUALA LUMPUR: PT Bank CIMB Niaga Tbk, a 92.5% indirectly held subsidiary of CIMB Group Holdings Bhd reported an audited consolidated net profit of 2.0 trillion rupiah in the financial year ended Dec 31,2020 (FY2020), translating to earnings per share of 80.72 rupiah. President director Tigor M. Siahaan (pic) said 2020 was a watershed year in the history of CIMB Niaga amid the challenges to the banking industry brought on by Covid-19. “In 2020, we placed utmost importance in ensuring our business continuity by prioritising the well-being of our employees, helping our customers sustain their businesses and meet their financial needs, as well as supporting government programmes to revive the national economy.

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Broker s take: CGS-CIMB upgrades SATS to add with higher S$4 30 TP

Broker s take: CGS-CIMB upgrades SATS to add with higher S$4 30 TP
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Malaysia remains a competitive investment destination

Malaysian Investment Development Authority (Mida).Chief executive officer Datuk Azman Mahmud (pic) said investments approved in the manufacturing sector from January to September 2020 saw an increase of 16.6% in capital investments, up from 3.2% recorded in the corresponding period of 2019. KUALA LUMPUR: Malaysia continues to be a competitive investment destination despite the global uncertainties, with US$26.4bil investments being approved in the first nine months of 2020, according to the Malaysian Investment Development Authority (Mida). Chief executive officer Datuk Azman Mahmud said investments approved in the manufacturing sector from January to September 2020 saw an increase of 16.6% in capital investments, up from 3.2% recorded in the corresponding period of 2019.

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