KUALA LUMPUR (Nov 16): CIMB Group Holdings Bhd reported a 28% rise in third quarter net profit at RM1.02 billion from a year earlier, on higher net interest and non-interest income.

CIMB told Bursa Malaysia today that higher Islamic banking income and a RM149.77 million gain from the sale of CIMB's stake in PT CIMB Sun Life also supported CIMB's net profit in the third quarter ended Sept 30, 2016 (3QFY16).

CIMB added that 3Q net profit was higher, "owing to higher non-interest income and the Sun Life gain". CIMB said its rise in 3Q net profit to RM1.02 billion is in contrast to RM803.89 million in 3QFY15; while revenue climbed to RM4.12 billion, from RM3.84 billion a year earlier.

Cumulative 9MFY16 net profit increased to RM2.71 billion, from RM2.02 billion a year earlier. Revenue was higher at RM11.75 billion, versus RM11.35 billion.

Looking ahead, CIMB said its T18 Strategy had laid the right foundations in terms of capital, cost, culture, customer centricity and compliance, in order for the group to move forward with better clarity.

"As the group approaches the halfway mark of its T18 Strategy, the group will fine-tune its programmes where necessary, to ensure a sustainable growth trajectory across all businesses within the group. 

"The group is also excited about Vietnam, where a full banking licence has been granted and will begin operations in December 2016. With a stronger foundation in place, the group is now in a better position to advance its ASEAN franchise," CIMB said.

At 12:30 pm, CIMB shares fell one sen or 0.2% to settle at RM4.78, for a market capitalisation of RM42.39 billion. The stock saw some five million shares traded.