CIMB posts record Q1 profit of RM1.18b

Kuala Lumpur

CIMB Group Holdings posted a 45 per cent jump to a record profit in the first quarter as Malaysia's second largest lender by assets made more profitable loans at home, boosted income from non-lending activities and took lower provisions.

Malaysia's economy is strengthening in 2017 after a period of tepid growth caused by a downturn in commodity prices and the shadow of a corruption scandal involving state-owned fund 1Malaysia Development Berhad. That is benefitting CIMB and its bigger rival Malayan Banking Bhd, which will report its results on Thursday.