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Malaysia's CIMB Q2 profit drops 10 pct, Indonesia performance weighs
August 29, 2014 / 5:16 AM / in 3 years

Malaysia's CIMB Q2 profit drops 10 pct, Indonesia performance weighs

KUALA LUMPUR, Aug 29 (Reuters) - CIMB Group Holdings Bhd , Malaysia’s second biggest lender, posted a 10 percent fall in quarterly net profit, hurt by a weak performance in Indonesia.

Net profit for the second-quarter dropped to 949.9 million ringgit ($300 million) from 1.05 billion ringgit for the same period a year ago, while revenue was flat at 3.4 billion ringgit, it said in a statement.

First-half net income slid 17 percent to 2.02 billion ringgit.

“Indonesia will remain the biggest challenge in the second half due to prevailing economic and liquidity factors,” CIMB said in a statement.

The bank is in talks with smaller local rivals RHB Capital and Malaysia Building Society on a planned mega merger to become Malaysia’s largest banking group, overtaking Malayan Banking Bhd (Maybank).

CIMB has boosted its regional operations over the past decade and expanded its investment banking capabilities by acquiring parts of Royal Bank of Scotland’s Asia operations outside Japan. (1 US dollar = 3.1560 Malaysian ringgit) (Reporting by Yantoultra Ngui and Al-Zaquan Amer Hamzah; Editing by Edwina Gibbs)

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