Money briefs: CIMB's results surpass consensus estimate

CIMB's results surpass consensus estimate

KUALA LUMPUR • CIMB Group Holdings turned in its second-best quarter in four years, blowing past a consensus estimate, and said it was confident of reaching an annual loan growth target given strength across its banking segments and a firm Malaysian economy.

CIMB raked in a net profit of RM1.1 billion (S$350 million), versus RM872.8 million a year ago. Revenue for the quarter rose to RM4.3 billion from RM3.9 billion, while its net interest income rose 14.2 per cent on loan growth and improved net interest margin.

CIMB said it was "cautiously optimistic" for the second half of the year on strong GDP growth for Malaysia and Indonesia, and expected gradual improvement in Singapore and Thailand - all of which signal increased regional activity and improved markets.

REUTERS


Samsung investing in Chinese chip plant

SEOUL • Samsung Electronics, the world's biggest maker of memory chips, yesterday said it will invest US$7 billion (S$9.5 billion) in a Chinese semiconductor plant to meet growing demand for the NAND flash memory used in smartphones and other electronic devices.

The spending will take place over a three-year period and be focused on its plant in Xi'an, the company said.

Samsung's strength in memory chips has driven the company's earnings to a record high in the most recent quarter, and helped it become more profitable than Apple.

BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on August 29, 2017, with the headline 'MoneyBriefsaMoney briefs: CIMB's results surpass consensus estimate'. Print Edition | Subscribe