KUALA LUMPUR—CIMB Group Holdings Bhd., Malaysia's second-largest lender by assets after Maybank, said first-quarter net profit rose on lower loan loss provisions even as it reported lower net interest and non-interest income.
The lender, which has sizable operations in Indonesia and Thailand, also said Wednesday that it is indefinitely postponing its plans for a dual listing on the Stock Exchange of Thailand due to regulatory problems.
The Bursa Malaysian-listed firm, which first announced its intention to pursue a Thai listing in November, said the regulatory issues include the tax treatment of investors in foreign companies traded on the Thai exchange.
CIMB said in a stock exchange filing that net profit for the January-to-March quarter rose 9.4% to 916.5 million ringgit ($299.5 million) from 838.1 million ringgit a year earlier.
"We had a good start to 2011 on the back of a strong showing by our Malaysian consumer banking operations and continued high growth at [Indonesia unit] CIMB Niaga," CIMB Group Chief Executive Nazir Razak said in a statement.
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