May 22, 2014 / 9:42 AM / 3 years ago

Malaysia's CIMB Q1 profit down 23 pct

KUALA LUMPUR, May 22 (Reuters) - CIMB Group Holdings Bhd , Malaysia’s second biggest lender, posted a 23 percent year-on-year drop in first-quarter net profit, mainly due to a net gain from the sale of a business unit in the same quarter a year earlier.

Without the net gain, net profit for January-March rose 4.4 percent to 1.07 billion ringgit from 1.02 billion ringgit a year ago, driven by stronger growth in Singapore, regional corporate banking, Malaysian and Singapore consumer banking, according to a press statement on Thursday.

Revenue for the quarter came in at 3.54 billion ringgit, the statement showed.

The results follow record annual profits for CIMB and rival Maybank last year as they benefited from a domestic property boom and diversification into fast-growing Southeast Asian economies such as Indonesia, Singapore and Thailand. (Reporting by Yantoultra Ngui; Editing by Sunil Nair)

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