KUALA LUMPUR Feb 25 CIMB Group Holdings Bhd
, Malaysia's second-largest bank, logged record
full-year earnings but posted a 4.6 percent drop in net profit
for the quarter ended in December.
Full-year profit climbed 4.5 percent to a record 4.5 billion
ringgit ($1.4 billion) on stronger contributions from regional
consumer and corporate banking, CIMB said in an earnings
statement issued on Tuesday.
Quarterly net profit came in at 1.03 billion ringgit, a tad
lower than 1.08 billion ringgit a year ago but above the average
prediction of 861 million ringgit from three analysts in a
Thomson Reuters I/B/E/S poll.
"The 2013 operating environment was far more challenging
than expected, especially in Indonesia and regional financial
markets, so we are pleased with our overall profit," it said.
CIMB, Southeast Asia's fifth largest lender by assets, has
been expanding in Asia and in 2012 bought some of the Asian
operations of Royal Bank of Scotland Plc.
It may face headwinds in Indonesia as business decisions get
put on hold ahead of nationwide elections this year.
Indonesia is the bank's second-biggest earnings contributor
after Malaysia and made up 32 percent of the group's earnings
according to CIMB's 2012 annual report.
Larger rival Malayan Banking Bhd (Maybank) is
scheduled to report earnings on Thursday.
($1 = 3.2850 Malaysian ringgits)
(Reporting by Yantoultra Ngui; Editing by Edwina Gibbs)