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Malaysia's CIMB posts 11% rise in Q1 profit

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CIMB Group Holdings Bhd, Malaysia's No.2 lender by assets, reported an almost 11 per cent rise in quarterly profit, boosted by lower cost and provisions as well as a one-off gain from a stake disposal in its brokerage business.

[KUALA LUMPUR] CIMB Group Holdings Bhd, Malaysia's No.2 lender by assets, reported an almost 11 per cent rise in quarterly profit, boosted by lower cost and provisions as well as a one-off gain from a stake disposal in its brokerage business.

The bank's net profit was RM1.31 billion (S$437.9 million) for the first quarter ended March, versus RM1.18 billion a year ago.

That was ahead of an average estimate of RM981 million from four analysts surveyed by Thomson Reuters.

REUTERS

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