CIMB Group's net profit up 15.1% to RM2.44b in 1H13

Thanks to strong performances in Malaysia and Singapore.

CIMB Group Holdings Berhad reported a 15.1% year-on-year growth in net profit to RM2.44 billion for the first half of 2013, equivalent to a net earnings per share of 32.6 sen.

The annualised 1H13 net return on average equity was 16.6%. The Group declared a first interim net dividend of 12.82 sen per share to be paid in the form of cash or an optional Dividend Reinvestment Scheme.

The total interim dividend amounts to a net payment of RM976 million, translating to a dividend payout ratio of 40.0% of 1HFY13 profits.

"We saw strong performances at the Malaysia and Singapore (“MS”) consumer bank, the regional corporate banking business as well as continued good traction in our Singapore and Thailand operations.

These helped mitigate the challenging operating conditions at CIMB Niaga and the Treasury Markets business. The 1H13 results were buoyed by one-off gains from the sale of our 51% interest in CIMB Aviva, partially offset by one-off charges in 1Q13. Excluding these one-off gains and charges, the Group’s net profit would have been flat," said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.