CIMB Group Holdings Bhd, Malaysia’s second-largest lender by assets, reported a 76 percent drop in 2014 Q4 net profit, its lowest in about nine years, dragged by slower revenue and a sharp increase in provisions. Profit for October-December fell to 252 million ringgit ($69.91 million) from 1.04 bilion ringgit in the same period a year earlier, the lender said. Alowance made for impairment losses on loans, advances and financing nearly tripled to 919.2 million ringgit in the quarter from 308.5 million a year ago, it said. CIMB also gave a cautious outlook for its main markets of Malaysia and Indonesia for 2015, emphasising control on expenditure.
“Costs will be a primary focus and we have started to streamline our operations and align our cost structures with market realities, “Chief Executive Officer Tengku Datuk Zafrul Aziz told a media briefing.