Bank Negara Malaysia’s (BNM) international reserves remained unchanged at US$101.4 billion (about RM417.06 billion) as at Dec 31, 2018, from Dec 14, 2018. The central bank said in a statement that the reserves position is sufficient to finance 7.4 months of retained imports and is 1.0 time the short-term external debt.
Tag: financial report
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Maybank sees marginally lower net profit for Q3
Malayan Banking Bhd posted marginally lower net profit for the third quarter ended Sept 30, 2018 of RM1.96 billion, compared with RM2.03 billion in the corresponding quarter in 2017, on lower net operating income, higher allowances for impairment losses on loans, advances, financing and other debts and lower share of profits in associates and joint ventures .
For the quarter under review, the group registered a net operating income of RM5.69 billion, compared with RM5.89 billion a year earlier, impacted by a dip in fee based income owing mainly to lower investment and trading proceeds as well as foreign exchange fluctuations. Notwithstanding this, operating profit for the third quarter ended Sept 30, 2018 was higher at RM2.61 billion from RM2.60 billion a year, as the group benefited from lower overhead expenses which declined 6.2% from a year earlier, as well as lower impairment losses which fell 5.5%.
Maybank group said its key priorities for 2018 include maintaining pricing discipline across our products, focus on attaining cheaper funding sources to support loan growth, growing our loan portfolio within our risk appetite, while proactively managing our asset quality.
The group has implemented MFRS 9 on Jan 1, 2018, of which the impairment assessment is based on the expected credit loss model that uses forward looking assumptions as opposed to an incurred loss model under the previous accounting standard. The group’s capital and liquidity positions remain strong notwithstanding the implementation of MFRS 9.
Barring any unforeseen circumstances, the group expects its financial performance for 2018 to be satisfactory against the expected growth prospects of its key home markets. The group has set its Headline Key Performance Indicator for Return on Equity of 11%.
Net profit for the nine month period ended Sept 30, 2018, was 7.39% higher at RM5.79 billion, compared with RM5.39 billion for the period in 2017.
This was on 3.82% higher revenue of RM35.09 billion, compared with RM33.79 billion.
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CIMB Group Q3 net profit up 4.2%
CIMB Group Holdings Bhd posted 4.2% higher net profit for the third quarter ended Sept 30, 2018 of RM1.18 billion, compared with RM1.13 billion for the same quarter in 2017 with contribution from all segments except wholesale banking. This was despite group revenue coming in 6.4% lower at RM4.14 billion, compared with RM4.42 billion.
CIMB Group said the decline in operating in the quarter under review, was attributed to declines in non-interest income and net interest income of 17.0% and 1.6%, respectively.
Consumer Banking profit before tax (PBT) grew 3.9% year-on-year (Y-o-Y) from better cost management. Regional Commercial Banking PBT rose 450.0% Y-o-Y from the reduction in provisions. Wholesale Banking PBT was 41.7% lower Y-o-Y across all wholesale segments given the weaker capital markets. Group Asset Management and Investments (Gami) PBT was 542.9% higher Y-o-Y from improvement in private markets, while Group Funding for the third quarter ended Sept 30, 2018 PBT was flat Y-o-Y.
“As 2018 draws to a close, we remain on track to meet our key T18 targets. However, we remain cautious amidst weaker regional economies and global trade tensions. Against this backdrop, we will continue to control asset quality and cost across all businesses and geographies, while we finalise our next mid-term plan to propel CIMB onto a stronger growth trajectory,” said Group Chief Executive Tengku Datuk Seri Zafrul Aziz.
Net profit for the nine month period was 30.8% higher at RM4.47 billion, compared with RM3.41 billion for the period ended Sept 30, 2017.
Revenue for the period was also higher at RM13.31 billion, compared with RM13.11 billion.
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Nestle Malaysia earnings up 15.7% in Q3, declares 70 sen dividend
Nestle (Malaysia) Bhd’s net profit for the third quarter ended September 30, 2018 rose 15.7% to RM137.69 million from RM119.01 million a year ago, underpinned by higher sales on the back of strong marketing and promotional activities.
Revenue for the quarter under review increased 8.3% to RM1.43 billion from RM1.32 billion in the same quarter last year, driven by stronger domestic and export sales as well as the zero-rating of the Goods and Services Tax (GST), which boosted consumer spending.
Nestle has proposed to declare an interim dividend of 70 sen per share for the quarter under review.
For the cumulative period of nine months, the group’s net profit grew 4.7% to RM535.06 million from RM511.14 million, while revenue expanded 4.8% to RM4.17 billion from RM3.98 billion.
“Against the backdrop of a more encouraging year for the Malaysian economy, we remain committed to our long-term strategy to ‘Fuel the Growth’ via our innovative drive and enhancing our strong brand portfolio,” Nestle said on its prospects.
“We are confident that our investments, including the new Nestlé distribution centre, will enable us to maintain our solid growth momentum. In line with this commitment, the group has recently announced the RM100 million investment in Milo manufacturing making the Chembong factory the largest Milo manufacturing centre of excellence in the world. The company strives to improve efficiencies across our supply chain and reinvest savings to achieve sustainable and profitable growth,” it added.
Nestle’s shares dipped RM1.50 or 1% to close at RM143.50 on 111,600 shares traded.
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Vietnam’s per capita GDP up 17.3 pct in 3 years: PM
This year’s estimated per capita GDP of $2,540 marks a $440 increase over 2015, PM Nguyen Xuan Phuc informed the National Assembly Monday. In term of purchasing power parity (PPP), the per capita income in 2018 is estimated at $7,640, and expected to rise annually by six percent to reach $8,580 in 2020, the prime minister said.
“Many international organizations said that Vietnam has good prospects, and is one of the fastest growing economies in the region and in the world,” Phuc noted.
Vietnam is likely to achieve GDP growth of 6.7 percent in 2018, he said, adding that despite complex fluctuations in the domestic and global economies, caused in particular by the US-China trade war, as well as financial and currency market risks, Vietnam has managed to pull through 2018 with several positive economic signs.
GDP growth reached 6.98 percent between January and September, and foreign direct investment inflows into Vietnam this year will likely reach a record $18 billion, Phuc said.
It is expected that inflation will be kept at below 4 percent for the year, the third year in a row that the government has maintained this level, he added.
Vietnam is aiming to post economic growth of between 6.6-6.8 percent in 2019, the PM said, adding that the target of keeping inflation below 4 percent will also be applied.
However, he conceded that there was pressure on Vietnam’s inflation rate due to higher crude and electricity prices as well as costlier education and healthcare services.
To speed up economic development, the Government plans to push ahead with the state-owned enterprise restructuring plan, Phuc said.
“We want to restructure public investment more effectively and improve the efficiency of capital use. Furthermore, the privatization and divestment of state-owned enterprises will ensure publicity, transparency and maximization of the State’s interests,” the PM said.
He emphasized the need for strong development of the private sector and the creation of a favourable and competitive environment that maximizes resources and improves all economic sectors.
The Government will also focus on public investment, speeding up implementation of projects like the North-South expressway and the Long Thanh International Airport in southern Dong Nai Province, the PM said.