Malaysia's CIMB reports 82% fall in Q2 profit

[KUALA LUMPUR] Malaysia's CIMB Group Holdings reported a 81.6 per cent drop in second-quarter net profit, largely due to the coronavirus pandemic impact on economies, the bank said in a bourse filing on Friday.

The lender, Malaysia's second largest by assets, recorded a net profit for the three months ended June 30 of 277.1 million ringgit (S$90.7 million) compared with 1.51 billion ringgit a year ago.

The results trailed behind the 532.7 million ringgit average estimate by analysts polled by Refinitiv.

Revenue was 13.5 per cent down at 3.9 billion ringgit.

"Moving ahead, CIMB Group expects continued weaker performance for the remainder of 2020 in line with uncertain economic conditions, as it recognises elevated provisions," it said.

REUTERS