CIMB Group profit up 31.9% to RM2.64bln

The year-on-year growth for nine months is part of the Group’s first set of financials which are in full compliance with the Basel II framework.

According to the results reported by CIMB Group Holdings Berhad, total Group's deposits grew by 16.7%, led by a 26.5% surge from CIMB Niaga as its deposit accumulation initiatives picked up pace.

The Group also noted, “CIMB Bank's retail account balances grew 20.0% Y-o-Y as the Singapore retail franchise sustained its strong growth momentum. CIMB Thai’s deposits shrank 9.9% but this was consistent with its strategy of reducing legacy high cost deposits.”

A special dividend of 13.45 sen (single tier) amounting to a net payment of RM1 billion will be paid to shareholders before 31 December 2010.

”We remain on course for another good year, as we are in line to meet our key targets after 9 months and we have had a good 4Q so far especially in investment banking with major deals successfully completed in Hong Kong, Malaysia and Indonesia," said Dato’ Sri Nazir Razak, Group Chief Executive CIMB Group.

For 2011, the Group will revitalise some key areas including its Malaysian SME business and transaction banking in all its markets.