CIMB's Q3 profit beats expectations on lower provisions, consumer boost

Kuala Lumpur

CIMB Group Holdings, Malaysia's second-largest lender, reported a 10.7 per cent rise in quarterly profit against expectations for a profit drop, driven by higher net interest income, lower provisions and a more robust capital market.

Malaysian banks are benefiting from a growing domestic economy and firm consumer spending, while improving optimism among businesses versus a year ago is supporting loan growth.