August 23, 2011 / 9:16 AM / 9 years ago

Malaysia's CIMB reports 9 pct rise in Q2 earnings; beats estimate

KUALA LUMPUR, Aug 22 (Reuters) - Malaysia’s number two lender CIMB Group reported second quarter net profit of 970.02 million ringgit ($326.7 million) on Tuesday, which beat a JP Morgan estimate of 942 million ringgit.

CIMB said the earnings for the quarter, which represented a 9 percent increase from the previous year, were driven by its domestic consumer banking operations and growth in CIMB Niaga, its Indonesian unit.

CIMB is retaining its 17 percent return-on-equity (ROE) target for 2011, but said it expected challenges going forward owing to volatile financial markets.

“We have re-strategised for volatile financial markets and slow economic growth in the region,” the bank said in a statement.

Shares of the company rose 0.26 percent on Tuesday ahead of the earnings announcement. ($1 = 2.970 Malaysian Ringgits) (Reporting by Min Hun Fong; Editing by Purwa Naveen Raman)

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