CIMB posts RM100.6m net loss in Q3

A logo of Malaysia's CIMB Bank is on display outside its branch in Kuala Lumpur February 7, 2013. — Reuters pic
A logo of Malaysia's CIMB Bank is on display outside its branch in Kuala Lumpur February 7, 2013. — Reuters pic

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KUALA LUMPUR, Nov 30 — CIMB Group Holdings Bhd recorded a net loss of RM100.6 million in the third quarter (Q3) ended Sept 30, 2021 (FY2021) against a net profit of RM194.44 million in the same period a year ago.

Revenue slipped to RM4.39 billion from RM4.41 billion previously.

“Q3 FY2021 operating income was 0.5 per cent lower as compared to the corresponding period a year ago mainly due to the weaker non-interest income (NOII) as Q3 FY2020 performance was strong due to the recovery in trading and foreign exchange activity and wealth management,” it said in a filing with Bursa Malaysia today.

Group chief executive officer Datuk Abdul Rahman Ahmad said the lower NOII was due to the weaker trading environment and restricted economic activity.

“Q3 FY2021 also saw an impairment of CIMB Thai goodwill amounting to RM1.22 billion,” he said.

He said the impairment has no impact on CIMB’s capital and liquidity position and would help optimise its return-on-investment going forward which would benefit shareholders.

“We remain firmly on track to deliver our FY2021 performance targets, which is reflective of our loan growth recovery, stringent cost focus, lower provisions as well as positive traction from initiatives under our Forward23+ strategic plan,” he said.

Meanwhile, he said CIMB’s digital businesses continued to register healthy growth with Touch ‘n Go Digital’s registered users increased to 16.4 million, adding 300,000 users in Q3 FY2021 alone. — Bernama

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