CIMB 2010 profit up 24.5% to $1.16bil

The group expects new areas of strong growth from CIMB Thailand and CIMB Singapore as well as transaction banking.

CIMB Group Holdings Bhd recorded a 9.3% increase in net profit to RM878mil ($288.39 million) for its fourth quarter to Dec 31, 2010 on the back of strong corporate and investment banking activities and improving operations from its 97.7% owned unit, PT Bank CIMB Niaga Tbk.

Over the same period, revenue increased 16.03% to RM3.17bil ($1.04 billion).

For the third consecutive year, CIMB announced full year record net profits.

For its year ended Dec 31, 2010, CIMB reported a 24.5% growth to achieve a record net profit of RM3.52bil ($1.16 billion), which is equivalent to net earnings per share of 49 sen, which met analyst expectations. Revenue grew by 12.7% to RM11.81bil ($3.88 billion).

The group declared a second interim dividend of eight sen, amounting to a total net payment of RM595mil ($195.43 million).

This brings the total dividends for CIMB's financial year ended Dec 31, 2010 to RM1.93bil ($633.93 million) or 26.08 sen per share, representing a 55% dividend payout.

View the full story in The Malaysian Star.