KUALA LUMPUR (May 31): CIMB Group Holdings Bhd’s net profit for the first quarter ended March 31, 2022 (1QFY22) tumbled 41.93% to RM1.43 billion from RM2.46 billion a year ago, mainly due to one-off non-recurring items booked a year ago and the recognition of the prosperity tax. “On a reported basis that includes one-off non-recurring exceptional items, CIMB group’s operating income and net profit declined by 19.8% and 41.9% year-on-year (y-o-y) to RM4.74 billion and RM1.43 billion respectively. On a quarterly basis, however, CIMB recorded stronger performance with reported operating income increasing by 3.3% to RM4.74 billion, from RM4.6 billion whilst reported net profit grew by 67% quarter-on-quarter (q-o-q) to RM1.43 billion from RM854.51 million. Excluding the one-off items, CIMB said it sustained its core pre-provisioning operating profit at RM2.51 billion whilst core net profit positively grew by 16% y-o-y to hit RM1.55 billion, from RM1.34 billion. Core operating income for 1QFY22 was flat y-o-y but grew 2.9% q-o-q reaching RM4.74 billion.
