PETALING JAYA: CIMB Group Holdings Bhd’s net profit for the second quarter ended June 30, 2020 fell 81.6% to RM277.08 million from RM1.51 billion a ye...
: CIMB Group Holdings Bhd’s net profit for the second quarter ended June 30, 2020 fell 81.6% to RM277.08 million from RM1.51 billion a year ago affected by the challenging economic environment caused by Covid-19, which led to modification loss arising from the moratorium given to borrowers, as well as elevated provisions due to macroeconomic factors and specific credit provisioning.
However, net interest income grew by 1.4% YoY to RM6.15 billion, showing solid momentum despite the modification loss for the period and slight decrease in net-interest margin to 2.29%. Excluding the modification loss, the group’s H1’20 NIM was only 7bps lower at 2.39%. CIMB group CEO Datuk Abdul Rahman Ahmad said the subdued performance in Q2’20 came within expectations and was largely attributed to the impact of Covid-19.
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