February 28, 2019 / 5:56 AM / 8 months ago

Malaysia's CIMB charts 5.4 pct bump in Q4 profit

KUALA LUMPUR, Feb 28 (Reuters) - Malaysian lender CIMB Group Holdings Bhd posted a 5.4 percent rise in fourth-quarter net profit on Thursday, largely on a better performance at its commercial banking and group funding businesses.

The second-largest bank by assets in Malaysia, CIMB’s net profit for the three months ended December was 1.12 billion ringgit ($275.3 million), compared to 1.06 billion ringgit a year ago. The performance surpassed the 973 million ringgit average estimate of three analysts polled by Refinitiv.

“We remain cautious for 2019 in view of sustained external headwinds,” Chief Executive Officer Zafrul Aziz said in a statement.

Revenue was 9.8 percent lower at 4.07 billion ringgit.

Net interest income dropped 3.7 percent to 2.43 billion ringgit, from 2.53 billion ringgit.

$1 = 4.0690 ringgit Reporting by Liz Lee; Writing by Rozanna Latiff; Editing by Stephen Coates

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