CIMB 2009 net surges to $822.2mln

Increasing input from overseas business and improved capital market operations helped boost record-high profit to $235.8mln.

CIMB Group Holdings Bhd chief executive Datuk Seri Nazir Razak said the group had "met or exceeded all key targets" in FY09, and would set a higher financial benchmark for FY10.

"The 2009 operating environment turned out much better than anticipated and our people excelled, posting our best-ever financial performance and met or exceeded all our key targets set for the year," Nazir said.

The fourth quarter saw CIMB's net profit surge 152% to RM803 million ($235.8 million) from RM318 million ($93.37 million) a year earlier, as revenue swelled to RM2.78 billion ($816.33 million) from RM1.88 billion ($552.05 million).

The latest quarterly earnings, driven by rising contribution from overseas operations and improved capital market conditions, were the group's second best-ever performance. CIMB owns banks in Indonesia, Thailand and Singapore, apart from Malaysia.

The jump in the fourth-quarter profit propelled the group's full-year net profit to a record RM2.8 billion ($822.2 million), as revenue advanced to RM10.6 billion ($3.11 billion). The consensus estimate for FY09 was for a net profit of RM2.67 billion ($810.45 million).

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