Latest news with #RM5.50
Barnama
3 days ago
- Business
- Barnama
CIMB Records RM1.97 Bln Net Profit In 1Q FY2025
BUSINESS KUALA LUMPUR, May 30 (Bernama) -- CIMB Group Holdings Bhd's net profit rose 9.6 per cent to RM1.97 billion in the first quarter of financial year ending Dec 31, 2025 (1Q FY2025) from RM1.94 billion in the same period a year ago. Revenue for the quarter decreased to RM5.50 billion from RM5.63 billion a year ago, a Bursa Malaysia filing said today. In a separate statement, the banking group said net interest income rose marginally year-on-year (y-o-y) to RM3.82 billion. 'On a y-o-y basis, non-interest income (NOII) contracted 8.5 per cent to RM1.68 billion, affected by lower sales of non-performing loans and proprietary trading,' the bank said in the statement. 'Prudent asset-liability management also helped maintain a stable net interest margin (NIM) of 2.16 per cent in the quarter under review – unchanged from 4Q 2024, despite rate cuts in Thailand, Indonesia and Singapore,' the statement said. Group chief executive officer Novan Amirudin said its 1Q performance underscores the continued strength of CIMB's diversified ASEAN portfolio, with strong contributions across multiple income segments, particularly from its client franchise income, which has shown consistent growth since 2022. 'The emergence of a 'new world order' is shaping a more multipolar global landscape, with ASEAN poised to play a pivotal role as a regional connector in trade and capital flows,' he said. Novan added that with the execution of the group's Forward30 strategic plan, CIMB is confident in its ability to deliver both short- and long-term targets, underpinned by the strength of its 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.
The Star
06-05-2025
- Business
- The Star
Bakers, hawkers say won't crack under pressure without egg subsidy
Carrying on: Phor (right) making char koay teow at her stall in Air Itam, George Town. — ZHAFARAN NASIB/The Star GEORGE TOWN: Bakeries and local hawkers here will absorb any extra cost after the removal of the egg subsidy to ensure their customers are happy. Phor Yok Eng, 62, who has been selling char koay teow for 26 years, said she uses five trays of eggs every day. 'I buy them daily at the local market here near my stall. I do offer the option of servings without eggs, which is cheaper, but many still prefer it with eggs, as it's tastier. 'I charge RM5.50 per plate without an egg and an extra RM1 with an egg. 'While I know my pricing is considerably cheaper than other places, people will still grumble if I suddenly increase the price,' she said when met at her stall in Air Itam. Phor said when she raised her prices two years ago, she received backlash from customers. 'You must be mindful of your customers, as many of them are retirees. 'The removal of the price control on chicken eggs will affect me, but I will have to absorb it,' she said. M. Tan, 34, who runs a bakery selling an array of pastries and cakes, said she uses 30 trays of eggs a week for baking. 'Eggs are our key ingredient after flour. 'It is in pretty much everything we make at our bakery and, usually, each cake requires a few eggs, never just one. 'While it will definitely affect me, I cannot afford to raise prices. 'There is plenty of competition when it comes to cake and pastry shops in Penang, especially on the island. 'If I suddenly raise prices, I will lose customers as they can easily go somewhere else,' she said. Tan said she would rather take a profit cut than risk losing her customers. 'It will add up to a hefty amount but I will manage it,' she said. The Agriculture and Food Security Ministry announced recently that the price control on chicken eggs had been lifted, with subsidies reduced from 10 sen to 5 sen per egg, effective May 1. The egg subsidy will be completely abolished on Aug 1. From February 2022 to December 2024, the government spent nearly RM2.5bil on egg subsidies to cover rising production costs due to the Covid-19 pandemic and the impact of the Ukraine-Russia war. The government has also taken into account that the extended duration of price controls and subsidies is not sustainable for the ongoing viability of the local egg production industry and the nation's finances.
