By Jason Ng
KUALA LUMPUR--CIMB Group Holdings Bhd (1023.KU), Malaysia's
second-largest bank by assets, said Tuesday that net profit in the
first three months of the year surged 38%, boosted by a one-time
gain from its sale of a stake in a joint venture.
Net profit for the quarter ended March was 1.39 billion ringgit
($461.6 million) compared with MYR1.01 billion a year earlier, CIMB
Group said in a statement to the Malaysian stock exchange.
The company raised MYR515 million during the quarter by
disposing its 51% stake in an insurance joint venture with Aviva
PLC (AV). Without the sale, net profit would have grown by only
4.2%, it said.
"We remain mindful of macroeconomic challenges ahead as regional
policy-makers respond to slower external demand, domestic
inflationary pressures and strong liquidity inflows," CIMB Group
Chief Executive Nazir Razak said in a separate statement.
Write to Jason Ng at jason.ng@dowjones.com
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