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KUALA LUMPUR: CIMB Group Holdings Bhd posted improved profits in the second quarter thanks to higher operating income, tight cost control and lower provisions.
Total gross loan and deposit growth were marginal due to the pandemic-affected environment and its own business portfolio shift.
Net profit in the three-month ended June 30 rose to RM1.08bil compared with RM277mil a year ago.
Revenue jumped to RM4.67bil from RM3.86bil previous. The bank has declared a dividend payout of 10.44 sen a share.
"While we saw solid performance in the first half, we remain cautious due to potential downside risks in the second half," group CEO Abdul Rahman Ahmad said in a statement today.
"This is primarily due to the Covid-19 Delta variant, which has added to the uncertainty surrounding the opening of regional economies and economic recovery," Abdul Rahman said.
The bank, on Monday, lowered its loan growth guidance to 2%-3% and expect provision levels to remain elevated with higher modification loss due to repayment assistance to Covid-19 affected borrowers, through Payment Assistance Programme in line with the PEMULIH aid package.
“Our focused investments under our Forward23+ strategic plan are progressing well, particularly in the areas of cost rationalisation and wealth management," Abdul Rahman said.
"With more than 50% of banking transactions now being carried out online, we have strengthened our digital proposition and will continue to invest in technology to enhance customer experience," he said.
TNG Digital, the e-wallet joint venture CIMB's Touch 'n Go Sdn Bhd and China's Ant Group, added 600,000 users to 16.1 million. GO+, the investment offering available in the Touch ‘n Go eWallet, has also reached 1.2 million investors within three months, with total assets under management of RM112mil as at June 2021.
Similarly, in the region, CIMB Philippines reached 3.9 million customers and a deposit book of RM1.1bil with 400,000 customers added in 2Q21.