CIMB beats expectations with Q2 profit of RM1.1b

Kuala Lumpur

CIMB Group Holdings Bhd turned in its second-best quarter in four years, blowing past a consensus estimate, and said it was confident of reaching an annual loan growth target given strength across its banking segments and a firm economy.

The economy of the world's No 2 palm producer is picking up, after a period of tepid growth caused by a downturn in commodity prices and a corruption scandal involving state-owned fund 1Malaysia Development Berhad. That is benefiting Malaysia's No 2 lender by assets, CIMB, and its bigger rival Malayan Banking Bhd, which will report results on Wednesday.