CIMB Group Holdings Bhd (1023), the country's second largest lender, has posted a record net profit of RM3.52 billion in 2010 but is cautious over its prospects this year.
The RM3.52 billion was 25 per cent more than the RM2.81 billion net profit registered a year ago.
This was driven by the group's investment banking and CIMB Niaga, its Indonesian unit.
Group revenue rose 12.7 per cent to RM11.8 billion from RM10.5 billion in the previous year.
Group chief executive Datuk Seri Nazir Razak described 2010 as a good year but was cautious over its outlook in the current year.
Nazir anticipates different conditions in the region with slower economic growth, rising interest rates due to increasing inflation, and more volatile capital markets due to risks from Middle East crisis and potential hikes in oil price.
"Nevertheless, we are setting ourselves a higher returns on equity (RoE) target of 17 per cent for 2011.
"We will look to new areas for strong growth, such as regional transaction banking, CIMB Singapore and CIMB Thai," Nazir told a media conference in Kuala Lumpur yesterday.
CIMB will reward shareholders with a record dividend payout amounting to RM1.93 billion, or 26.08 sen per share.
During the year under review, the CIMB group's net earnings per share was 49 sen, while net RoE of 16.3 per cent exceeded its target of 16 per cent.
Read more: CIMB rakes in record profit http://www.btimes.com.my/articles/25CIMB/Article/#ixzz1F2YWdzpU
The RM3.52 billion was 25 per cent more than the RM2.81 billion net profit registered a year ago.
This was driven by the group's investment banking and CIMB Niaga, its Indonesian unit.
Group revenue rose 12.7 per cent to RM11.8 billion from RM10.5 billion in the previous year.
Group chief executive Datuk Seri Nazir Razak described 2010 as a good year but was cautious over its outlook in the current year.
Nazir anticipates different conditions in the region with slower economic growth, rising interest rates due to increasing inflation, and more volatile capital markets due to risks from Middle East crisis and potential hikes in oil price.
"Nevertheless, we are setting ourselves a higher returns on equity (RoE) target of 17 per cent for 2011.
"We will look to new areas for strong growth, such as regional transaction banking, CIMB Singapore and CIMB Thai," Nazir told a media conference in Kuala Lumpur yesterday.CIMB will reward shareholders with a record dividend payout amounting to RM1.93 billion, or 26.08 sen per share.
During the year under review, the CIMB group's net earnings per share was 49 sen, while net RoE of 16.3 per cent exceeded its target of 16 per cent.
Read more: CIMB rakes in record profit http://www.btimes.com.my/articles/25CIMB/Article/#ixzz1F2YWdzpU
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