CIMB Group announces Profit Before Tax of RM1.60 billion for 1Q19

          - enQen9 net profit of RMen.en9 billion with annualised ROE of 9.2% 
          - YoY PBT declined from lower operating income due to absence of the RMen52 million gain from the CSI sale, and higher operating cost, offset by a reduction in loan loss provisions
          - Better performance QoQ, as PBT grew 6.CIMB Group% while net profit increased by 6.7% on the back of 2.2% growth in operating income
          - Lower loan loss charge of CIMB Group.34% in enQen9 compared to CIMB Group.49% in enQen8
          - Robust 7.6% YoY loan growth supported by a 7.7% YoY growth in Malaysia
          - Strengthened Group CETen ratio to en2.8% as at 3en March 2CIMB Groupen9

          Summary 
          CIMB Group Holdings Berhad ("CIMB Group" or the "Group") today reported a Profit Before Tax ("PBT") of RMen.6CIMB Group billion for the first quarter of 2CIMB Groupen9 ("enQen9"). The 8.CIMB Group% year-on-year ("YoY") decline was attributed to a lower operating income and a 7.5% increase in operating expenses, partially offset by a 25.2% YoY decline in loan loss provisions. Operating income was 3.2% lower YoY due to a decline in fee income and the RMen52 million gain from the sale of CIMB Securities International ("CSI") in the prior year's corresponding period. The Group's enQen9 net profit was 8.7% lower YoY at RMen.en9 billion, translating to a net Earnings Per Share ("EPS") of en2.5 sen and an annualised Return On average Equity ("ROE") of 9.2%.
          "Although our PBT declined by 8.CIMB Group% YoY to RMen.6CIMB Group billion, the QoQ performance improved by 6.CIMB Group%. This was achieved amid a challenging operating landscape in our key markets. The QoQ performance was supported by better operating income in enQen9, driven by stronger performances in Thailand and Singapore. Our ROE came in at 9.2%, and we are pleased that our CETen strengthened to en2.8% while loan loss charge improved to CIMB Group.34%," said Tengku Dato' Sri Zafrul Aziz, Group CEO, CIMB Group.
          Outlook
          "We expect the rest of 2CIMB Groupen9 to remain challenging, amidst fresh trade tensions and other macroeconomic headwinds, coupled with tougher operating conditions in our major markets. However, we are confident that Forward23, our newly launched strategic growth plan, will accelerate growth and future-proof CIMB, particularly through investments in customer experience, our people and technology," said Tengku Zafrul.