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Flash Note – CIMB Group (ADD, maintain) - Lower allowances drive 1QFY13




Affin Hwang Investment Bank Bhd


29 Apr 2013





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Lower allowances drive 1QFY13 CIMB Niaga’s 1QFY13 net profit up 12.5% yoy to Rp1,054bn CIMB Niaga chalked up a net profit of Rp1,054bn (+12.5% yoy) in 1QFY13 on the back of a sharp fall in allowances (-32.7% yoy) due to improvement in asset quality. This is well reflected by the dip in gross impaired loan ratio from 3.43% to 2.84%. The results were within our expectations and accounted for 27% of our FY13 net profit forecast of RM4,712.2m for the CIMB Group.

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