Asia's Lender CIMB Group Sees 4.5% Drop in Fourth-Quarter Net Profit

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Asian lender CIMB Group Holdings Bhd reported that its net profit for fourth-quarter declined by 4.5% as it saw weaker performance in its investment sector and acquisition expenses.

CIMB, currently ranks the fifth largest lending company in Southeast Asia and holds the second spot in the largest banks in Malaysia, revealed 1.08 ringgit in net profit for the quarter that ended on December 31.

Company group chief executive Nazir Razak said in a statement that they are seeing signs of improvement in the global operating environment, which he believes a key to sustainable growth in Asia, despite of business fragility.

Nazir added that the company can sustain 16% in net return on equity for the current year on their higher capital and cost base from sales and opportunities in their newly acquired business units and enhanced investment banking operations.

CIMB has been bolstering business presence in whole Asia and has purchased some of the operations of Royal Bank of Scotland plc in the region and the banking unit of Philippine brewer San Miguel Corp. in 2012.

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