Malaysia's CIMB Q1 profit drops as non-interest income slips

KUALA LUMPUR, May 29 (Reuters) - CIMB Group Holdings Bhd reported an 8.7% fall in first-quarter profit on Wednesday due to a drop in non-interest income from the absence of a one-off gain recognised in the previous year.

CIMB Group, Malaysia’s second-largest lender by assets, said its profit for three months ended March came in at 1.19 billion ringgit ($283.74 million), compared with 1.31 billion ringgit in the year-ago period.

The net profit, although lower, was higher than the 777.9 million ringgit average estimate from two analysts polled by Refinitiv.

The lender’s revenue came in at 4.17 billion ringgit, a 3% drop from the previous year.

$1 = 4.1940 ringgit Reporting by Liz Lee, Editing by Sherry Jacob-Phillips