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New Straits Times
4 days ago
- Business
- New Straits Times
CIMB's Q1 net profit rises to RM1.97bil on RM5.5bil revenue
KUALA LUMPUR: CIMB Group Holdings Bhd recorded a higher net profit of RM1.97 billion for the first quarter ended March 31, 2025, up from RM1.94 billion in the same period last year, supported by stronger net interest income (NII). Its revenue slipped slightly to RM5.5 billion from RM5.6 billion in the same period last year, mainly due to compressed net interest margins (NIM). However, this was cushioned by growth in assets. CIMB's NII saw a slight increase both quarter-on-quarter (QoQ) and year-on-year (YoY) to RM3.82 billion. Meanwhile, its non-interest income (NOII) rose 11.1 per cent QoQ, supported by an 18.9 per cent jump in treasury client sales and a 12.6 per cent rise in fee and commission income. In a filing with Bursa Malaysia, the banking group said it remains committed to implementing its Forward30 strategic plan, focusing on customer-centric initiatives, enhancing operational efficiency, and promoting sustainable banking practices. "During the quarter, CIMB transitioned its leadership in Thailand and Cambodia, and have included Thailand, Cambodia and Singapore as part of the group's growth markets to sharpen strategic focus and drive growth in priority segments. "In the medium term, CIMB believes the evolving global landscape will continue to present new opportunities, particularly in intra-Asean trade, where the Group's integrated Asean franchise is poised to seize growth prospects," it added. CIMB stated that it is well-equipped to manage ongoing market volatility, thanks to its limited exposure to trade-related financing and clients heavily reliant on exports to the US. Group chief executive officer Novan Amirudin said CIMB's first-quarter results reflect the resilience of its diversified Asean portfolio, with solid performance across various income streams, especially client franchise income, which has been steadily growing since 2022. "We have maintained healthy asset quality and exercised disciplined cost controls to enhance resilience amid a dynamic operating environment. "In an increasingly uncertain market condition, we remain committed to being a reliable and trusted partner for our customers. Novan said the group's strong focus on prudent risk management and operational discipline has positioned it well to support its clients, maintain stability and create value for shareholders. "With disciplined execution of our Forward30 strategic plan, we are confident in our ability to deliver both short- and long-term targets, backed by the strength of our franchise. "We will remain disciplined and proactive with capital optimisation, including returning excess capital to our shareholders as we have demonstrated over the last two years," he added.
The Sun
11-05-2025
- The Sun
GOF seizes over RM5 mln worth of smuggled plants in Kelantan
KOTA BHARU: The General Operations Force (GOF) has seized a large quantity of ornamental plants believed to have been smuggled from Thailand in Kampung Lalang Pepuyu, Tanah Merah. GOF Southeast Brigade Commander Datuk Nik Ros Azhan Nik Ab Hamid said its 9th battalion confiscated the items from a lorry which was stopped during the Op Taring Wawasan Kelantan at 4.15 pm last Friday. 'Inspection of the lorry uncovered a landscape plant of the Eugiena species, 1,500 climbing plants and 2,000 Busida plants. The seized items, including the vehicle, are worth about RM5.5 million,' he said in a statement today. He said the 26-year-old male lorry driver was also detained after failing to produce any documents related to the plants, and the case is being investigated under Section 5 of the Plant Quarantine Act 1976. 'The suspect and seized items were handed over to the Kelantan Department of Agriculture for further action,' he added. In a separate case, the GOF Battalion 8, in collaboration with the Kota Bharu Municipal Council, foiled the sale of unlicensed electronic cigarettes at a premises on Jalan Raja Perempuan Zainab at 5.15 pm yesterday. 'A 36-year-old man was found on the premises, and checks uncovered 4,064 units of vape liquids and devices without valid documentation, with the seizure valued at an estimated RM284,000,' he said.
New Straits Times
11-05-2025
- New Straits Times
GOF seizes lorry laden with smuggled ornamental plants worth RM5.5mil in Kelantan
TANAH MERAH: The General Operations Force (GOF) seized a lorry laden with various types of ornamental plants, with the total haul worth nearly RM5.5 million, during an operation here on Friday. A 26-year-old lorry driver was also arrested in the operation at Kampung Lalang Pepuyu to assist in investigations. GOF Southeast Brigade commander Datuk Nik Ros Azhan Nik Abd Hamid said the operation was carried out by the Ninth Battalion following tip-offs from the public. "GOF personnel stopped the lorry after observing the driver acting suspiciously as it passed through Kampung Lalang Pepuyu at about 4.15pm "Upon inspection, they discovered a large quantity of plants believed to have been smuggled from Thailand. These included one Eugiena landscape tree, 1,500 climbing fence plants, and 2,000 Busida plants. "The lorry driver failed to produce any documentation for the plants. The total value of the seizure, including the vehicle, is estimated at RM5.5 million," he said. He said the case is being investigated under Section 5 of the Plant Quarantine Act 1976. "The suspect and the seized items have been handed over to the Kelantan Department of Agriculture for further action," he added. In another case, Nik Ros Azhan said the GOF seized 4,064 units of vape liquids and devices worth about RM284,000 in an operation in Kota Baru yesterday. He said the operation, which was jointly conducted with the Kota Baru Municipal Council, took place at Jalan Raja Perempuan Zainab at about 5.15pm. A 36-year-old man was detained after he failed to produce valid documentation for the sale of the items.
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
MGB finalises RM7.2m settlement for Cameron Highlands development
MGB Bhd, via its indirect wholly-owned subsidiary Sinaran Kencana Sdn Bhd (SKSB), has entered into a settlement agreement with Aset AZG Sdn Bhd (AASB) to resolve outstanding land cost payments related to a stalled joint development project in Cameron Highlands. In an announcement to Bursa Malaysia today, the company said the full and final settlement amount totals RM7.23 million, comprising a cash payment of RM5.64 million and a contra payment of RM1.59 million through agreed-upon properties. The settlement resolves the balance cost and agreed interest related to the land acquired under a joint venture agreement (JVA) signed on August 5, 2019. The property in question is a 99-year leasehold land in Tanah Rata, Cameron Highlands measuring 7,626 sq m. AASB paid RM11.45 million for the land on March 4, 2019 and was registered as the owner on May 8, 2019. Under the original JVA, both parties had agreed to a 50:50 profit-sharing model from the development. However, AASB has since opted out, citing that the profit-sharing arrangement is no longer feasible due to current market sentiment, and proposed instead to receive its entitlement upfront through the settlement. SKSB had previously made a partial payment of RM5.5 million toward the land cost. The agreed interest of RM1.28 million was mutually determined based on an annual rate of 4% over 70 months – the duration the remaining RM5.5 million was unpaid, from August 2019 to June 2025. The settlement agreement was executed on April 22 2025, and the cash portion is to be paid in two equal tranches: one on or before June 30 2025, and the second on or before July 31, 2025. The contra portion will be deemed settled upon execution of the relevant sale and purchase agreement (SPA), regardless of whether the properties are completed. SKSB has obtained Kebenaran Merancang (KM) approval from the Majlis Daerah Cameron Highlands on March 26, 2025. The approval is valid for one year, expiring on March 25, 2026. MGB stated that the total project cost is estimated at RM87 million. While the JVA remains formally in place, AASB will be deemed to have discharged its obligations as landowner partner upon full settlement. The company also clarified that the contra properties do not comprise service apartments on the Cameron Highlands development land. — TMR
New Straits Times
23-04-2025
- Automotive
- New Straits Times
Kelantan govt plans to ease traffic congestion around Pasar Siti Khadijah
KOTA BARU: The Kelantan government is planning to ease traffic congestion around Pasar Siti Khadijah by providing additional parking at a nearby shopping centre, said state executive councillor for Local Government, Housing, Health and Environment Hilmi Abdullah. "The Kota Baru Municipal Council Islamic City has initiated talks with Parkson to take over its basement parking," he said during the legislative assembly sitting at Kompleks Kota Darulnaim today in reply to a question from Dr Hafidzah Mustakim (PH–Kota Lama). "As a short-term measure, we encourage carpooling during peak hours to help ease congestion in the area. One of the contributing factors to the problem is motorists who stop and wait while making purchases," said Hilmi. In October 2024, Prime Minister Datuk Seri Anwar Ibrahim announced an additional RM5.5 million allocation to upgrade the infrastructure at Pasar Siti Khadijah, such as sanitation, toilets, roofing and electrical wiring, bringing the total federal funding approved since last year to RM7 million. – Bernama
