CIMB Group Holdings Bhd’s net profit plunged 80.8% to RM194.44 million for the third quarter ended Sept 30, 2020 from RM1.01 billion reported previously on the back of lower profits from a lower net interest margin and net interest income from some of its segment and a loss reported by its commercial banking segment.
It pointed out that elevated provisions in key markets on specific accounts to strengthen the balance sheet, adjustments due to macro-economic factors and modification loss arising from the moratorium given to borrowers in Malaysia also impacted performance. Meanwhile, CIMB’s NIM rose 16 basis points to 2.31% from the previous quarter and its gross impaired loans stood at 3.4% at end-September, a slight improvement from 3.6% reported at end-June.
On the other hand, the group’s wholesale banking saw operating income rose 7.7% in the quarter attributed to a 22.3% growth in NOII and 1.7% growth in NII. The improved performance was primarily driven by stronger treasury & markets operations and improved investment banking activity.
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