Malaysia's CIMB Q4 profit slides 24% on provisions [Reuters (UK)]
MALAYAN BKNG BERHAD S/ADR (MLYBY)
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Source: Reuters
Malaysia's CIMB Q4 profit slides 24% on provisions - Reuters 2 Min Read KUALA LUMPUR, Feb 28 (Reuters) - Malaysian lender CIMB Group Holdings Bhd saw a 24% tumble in fourth-quarter net profit on Thursday, its fourth consecutive declined in quarterly earnings, hit by higher provisions and increased investment expenses. In a stock exchange filing, Malaysia’s second-largest lender by assets said contribution from the wholesale banking segment fell 22.1% on year due to higher provisions, while expenses rose 60.3% from investments related to the group’s five-year business strategy. Net profit for the October-December period was 848.64 million ringgit ($200.38 million) compared with 1.12 billion ringgit achieved a year prior. The results lagged the 957 million ringgit average of two analyst estimates compiled by Refinitiv. Revenue was 11% higher at 4.52 billion ringgit. Net interest income, a measure of banks’ core financial performance, jumped 10% to 2.68 billion ringgit. The bank’s net in
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