Cimb Group Holdings Bhd · MYX:CIMB
Cimb Group Holdings Bhd — 1H 2009 Earnings Presentation
63 slides from Cimb Group Holdings Bhd's earnings presentation, Aug 12, 2009
Slide 1: BCHB Group First Half 2009 Results
BCHB GROUP FIRST HALF 2009 RESULTS Analyst Presentation 12 August 2009
Slide 2: Agenda
Agenda 1) Summary 2) BCHB Group 1H09 Financials 3) Malaysian Consumer Bank 4) Treasury & Investment Banking 5) Asset Management & Insurance 6) CIMB Niaga 7) CIMB Thai 8) Other Highlights 9) Closing Remarks 2
Slide 3: Summary
BCHB GROUP : 1H09 RESULTS SUMMARY
Slide 4: Summary
Summary • 1H09 net profit of RM1.277 bil is up 7.8% YoY • 2Q09 net profit of RM663 mil is up 2.0% YoY and 8.0% QoQ • CIMB Niaga and Corporate & Investment Banking showed strong QoQ improvements • Capital management initiatives has strengthened our position • Good deal pipeline for 2H09; with NIMs we
Slide 5: BCHB Group 1H09 Financials
BCHB GROUP : 1H09 RESULTS BCHB GROUP 1H09 FINANCIALS
Slide 6: Earnings Summary
Earnings Summary (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Net interest income 1,502 1,407 6.8% 2,909 2,234 30.2% Non interest income 1,087 1,107 (1.8%) 2,194 1,941 13.0% Operating income 2,589 2,514 3.0% 5,103 4,175 22.2% Loan provisions (302) (272) 11.0% (574) (364) 57.7% - Specific (270) (211) 28
Slide 7: Quarterly Earnings Trend
Quarterly Earnings Trend 2,589 2,465 2,514 2,158 1,980 2,017 19.4% 1,882 1,830 16.6% 1,683 14.4% 15.1% 13.6% 11.4% 12.7% 916 11.3% 947 839 878 739 749 660 650 7.7% 614 663 577 535 572 486 448 448 403 319 2Q07 3Q07 + 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Operating income* PBT* net profit* ROAE** + Exclu
Slide 8: Contribution by Entity and Geography
Contribution by Entity and Geography 1H09 PBT 1H08 PBT Legal Entity % of PBT % of PBT (RM ‘mil) (RM ‘mil) CIMB Bank 1,221 71% 1,162 68% CIMB Niaga 305 18% 203 12% CIMB Thai (29) (2%) - - CIMB Labuan 119 7% 64 4% CIMB Islamic 75 4% 47 3% CIMB Investment Bank 45 3% 121 7% CIMB-GK (25) (1%) 15 1% Other
Slide 9: M&A Related Charges
M&A Related Charges (RM ‘mil) 2Q09 1Q09 Q-o-Q Net profit 663 614 8.0% One-off (gains)/losses : Gain on disposal of SIBB - (17) Menara Bumi-Commerce sale - (69) CIMB-GK impairment of intangible assets - 30 Amortisation of CIMB Niaga intangibles 20 (Niaga-Lippo merger Nov 08-Mar 09) 16 (26) CIMB Niaga
Slide 10: Quarterly Core Earnings Trend
Quarterly Core Earnings Trend 2,589 2,482 2,415 2,140 2,017 1,965 19.5% 1,902 1,836 1,683 16.6% 14.2% 15.4% 13.6% 13.8% 964 929 11.4% 10.9% 10.8% 903 811 745 749 695 679 632 607 588 577 535 572 492 448 447 403 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Operating income* Core PBT* Core net profit*
Slide 11: Revenues By Segments
Revenues By Segments (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Consumer Banking 890 869 2.4% 1,759 1,623 8.4% Corporate & Investment Banking 403 345 16.8% 748 952 (21.4%) Treasury & Investments 372 464 (19.8%) 836 886 (5.6%) GAM & Insurance 85 69 23.2% 154 122 26.2% CIMB Niaga 662 510 29.8% 1,172 57
Slide 12: Estimated PBT By Segment
Estimated PBT By Segment PBT 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y (after Head Office cost allocation) RM 'mil RM 'mil % RM 'mil RM 'mil % Consumer Banking - Good Bank 125 122 2.9% 247 193 28.0% - Bad Bank 20 (6) >100% 14 106 (86.7%) 145 116 24.6% 261 299 (12.7%) Corporate & Investment Banking 181 116 56.
Slide 13: Estimated PBT By Segment
Estimated PBT By Segment 2Q09 1Q09 CIMB Thai CIMB Thai Consumer Banking Consumer Banking -1% CIMB Niaga -1% CIMB Niaga 16% 14% 19% 24% Corporate & Inv GAM & Insurance Banking Corporate & Inv 4% 14% GAM & Insurance Banking 5% 20% Treasury & Treasury & Investments Investments 36% 50% 13
Slide 14: Consolidated Balance Sheet Changes
Consolidated Balance Sheet Changes 30th Jun 31st Mar 31st Dec (RM ‘mil) Q-o-Q YTD 09 09 08 Cash & short term funds 21,286 19,519 24,409 9% (13%) Securities purchased under resale agreements 5,481 7,916 3,311 (31%) 66% Deposits & placements with financial institutions 7,200 8,383 4,063 (14%) 77% Secu
Slide 15: Key Ratios
Key Ratios (%) 2Q09 2Q09 1Q09 1Q09 2Q08 (excl. CIMB (excl. CIMB Thai) Thai) ROAE* 15.4 - 13.8 - 16.6 NIM preserved in Malaysia and widened Net interest margin (excl. IIS) 2.7 - 2.5 - 2.2 in Indonesia and Thailand Fee income/ total income 15.6 - ^ 15.8 - 20.3 Non-interest income/ total 42.0 - ^ 41.7
Slide 16: Gross Loans Growth
Gross Loans Growth Y-o-Y Products / 30th Jun 09 31st Mar 09 Q-o-Q loans 30th Jun 08 loans Divisions (RM ‘bil) (RM ‘bil) growth (RM ‘bil) growth 11.5% Consumer Banking 65.3 63.0 3.7% 58.8 11.1% Mortgages 26.1 25.2 3.5% 21.5 21.0% - Of which 24.5 23.6 3.9% 19.9 22.9% RM136.8 bil performing RM122.7 bil
Slide 17: Deposits Growth
Deposits Growth 30th Jun 31st Mar 30th Jun Divisions / Q-o-Q Y-o-Y 09 09 08 Products Growth Growth (RM ‘bil) (RM ‘bil) (RM ‘bil) 12% 11.5% Retail 38.1 38.2 (0.3%) 33.5 13.7% - Current 4.5 5.0 (10.0%) 4.2 7.1% RM163.8 - Savings 9.6 9.5 1.1% 8.6 11.6% bil RM146.9 bil - Fixed & structured 24.0 23.7 1.3
Slide 18: Asset Quality Ratios – BCHB Group
Asset Quality Ratios – BCHB Group Exclude CIMB Thai 100.0% 91.5% 90.1% 19.0% 90.0% 88.1% 17.0% 78.5% 86.8% 80.0% 75.8% 85.6% 73.2% 15.0% 70.4% 70.0% 65.9% 13.0% 61.5% 59.3% 60.0% 54.9% 55.8% 57.5% 11.0% 50.0% 9.1% 8.6% Exclude 9.8% 9.0% 9.5% 7.9% CIMB Thai 8.8% 7.2% 7.1% 4.9% 40.0% 6.5% 7.0% 6.2% 6.
Slide 19: Loan Assets
Loan Assets 2Q09 1Q09 Singapore, RM1.7 Singapore, RM1.9 bil, 1% Others, RM3.3 bil, bil, 1% Others, RM3.2 bil, Thailand, RM8.4 bil, 2% Thailand, RM8.3 bil, 2% 6% 6% Indonesia, RM26.3 Indonesia, RM24.0 bil, 19% bil, 18% Malaysia, RM97.0 Malaysia, RM97.5 bil, 72% bil, 73% Note: 19 Others include overse
Slide 20: LLP and Gross NPL
LLP and Gross NPL LLP by Country 350 300 22 +62 84 250 28 RM 'mil 200 69 +36 64 150 +45 100 114 152 50 -101 51 - 1Q09 2Q09 M a la y s ia In d o n e s ia T h a ila n d O th e r s Gross NPL by Country 9 ,0 0 0 8 ,0 0 0 +179 140 319 7 ,0 0 0 1 ,2 9 6 1 ,3 4 5 +49 6 ,0 0 0 644 +23 667 RM 'mil 5 ,0 0 0 -
Slide 21: Gearing and Double Leverage
Gearing and Double Leverage BCHB Holding Company Further capital management initiatives Timeline 2Q09 1Q09 (RM ‘mil) a) Early conversion of CIMB Bank’s 667mil 3Q09 Investment in subsidiaries 14,340 13,339 ICULS by BCHB (completed July 09) External debt & borrowings 3,698 4,032 b) CIMB Islamic Bank’s
Slide 22: BCHB: Operating Expenses
BCHB : Operating Expenses (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Personnel 673 648 3.9% 1,321 1,026 28.9% Establishment 299 289 3.5% 588 425 38.4% Marketing 86 74 16.2% 160 125 28.0 Admin & General** 300 280 7.1% 580 520 11.5% Total* 1,358 1,291 5.2% 2,649 2,096 26.4% *Excluding M&A related charg
Slide 23: Malaysian Consumer Bank
BCHB GROUP : 1H09 RESULTS MALAYSIAN CONSUMER BANK
Slide 24: Consumer Bank: 2Q09 Financials
Consumer Bank : 2Q09 Financials (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Net interest income 697 694 0.4% 1,391 1,276 9.0% Non interest income 192 175 10.3% 367 347 5.8% Total income 890 869 2.5% 1,758 1,623 8.3% Overheads (direct + head (632) (630) 0.3% (1,262) (1,121) 12.6% office allocation) Loa
Slide 25: Consumer Bank: Good Bank
Consumer Bank : Good Bank (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Net interest income 675 677 (0.3%) 1,352 1,190 13.6% Non interest income 192 173 11.0% 365 347 5.2% Total income 867 850 2.0% 1,717 1,537 11.7% Overheads (direct + head (601) (597) 0.7% (1,198) (1,056) 13.4% office allocation) Loan
Slide 26: Consumer Revenue & LLP Trend
Consumer Revenue & LLP Trend 800 700 700 694 697 681 653 600 616 629 622 599 500 RM 'mil 400 300 222 195 184 188 181 192 200 158 161 157 163 163 175 128 123 117 110 78 79 100 - 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Interest income LLP Non-interest income 26
Slide 27: Malaysian Consumer Market Shares
Malaysian Consumer Market Shares Market shares 31st Mar 2009 31st Mar 2008 Mortgages - Residential 12.9% 11.5% 2* - Non-residential 14.0% 11.0% HP^ 9.7% 10.7% 4* Credit Cards - Loan base 10.6** 10.3 3** - Card Base 10.1** 9.4 Retail Deposits~ 9.1% 8.9% 3* SME Loan 12.6%*** 12.5% 3*** ^ Based on loan
Slide 28: Retail Banking Indicators (1)
Retail Banking Indicators (1) Retail Loans – Housing Loans and Business Premises Loans R M 'm i l 1 ,0 0 0 9 0 0 8 0 0 7 0 0 6 0 0 5 0 0 4 0 0 3 0 0 2 0 0 1 0 0 0 7 7 7 7 7 7 7 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 0 -0 -0 -0 0 0 -0 -0 -0 -0 0 -0 -0 -0 0 0 -0 -0 -0 -0 0 n- l-0 ct v- -0 n- ar n- l-0 ct
Slide 29: Retail Banking Indicators (2)
Retail Banking Indicators (2) Total CIMB Clicks Customers OTC vs SST 16% 15% 900 15% 800 14% 700 14% 13% 600 13% 500 '000 12% 12% 12% 12% 12% 400 12% 300 200 11% 11% 100 11% 11% 10% 10% 0 2Q08 3Q08 4Q08 1Q09 2Q09 9% Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- 08 08 08 08 08 08 09 09
Slide 30: Treasury & Investment Banking
BCHB GROUP : 1H09 RESULTS TREASURY & INVESTMENT BANKING
Slide 31: Treasury and Investment Financials
Treasury and Investment Financials (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Net interest / financing income 185 165 12.1% 350 262 33.6% Fee income 1 2 (50.0%) 3 11 (72.7%) Net trading income 157 211 (25.6%) 368 380 (3.2%) Total income 343 378 (9.3%) 721 653 10.4% Provision 1 1 - 2 - 100% Overheads
Slide 32: BCHB Group AFS MTM Position Strengthened
BCHB Group AFS MTM Position Strengthened 500.0 459.1 450.0 400.0 370.0 370.0 350.0 300.0 250.0 200.0 180.6 150.0 116.5 100.0 50.0 - 2Q08 3Q08 4Q08 1Q09 2Q09 32
Slide 33: Corporate & Investment Banking Financials
Corporate & Investment Banking Financials (RM ‘mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Net interest / financing income 176 180 (2.2%) 356 368 (3.3%) Fee & commission income 106 119 (10.9%) 225 286 (21.3%) Net trading income 45 8 >100% 53 148 (64.2%) Brokerage income 76 38 100% 114 150 (24.0%) Total inc
Slide 34: Malaysian Market Shares (YTD)
Malaysian Market Shares (YTD) M&A ADVISORY* PRIMARY BOND MARKET RM1,728 mil RM7,868 mil AmInvestment AmInvestment 31.3% 22.2% RM7,632 mil RM1,124 mil OSK CIMB 30.1% 14.5% RM830 mil RM3,599 mil CIMB RHB 10.7% 14.2% RM633 mil RM2,327 mil RHB Maybank Investment 8.1% 9.2% RM3,457 mil RM1,275 mil Others
Slide 35: Regional Market Share (YTD)
Regional Market Share (YTD) Singapore Singapore Indonesia Indonesia •• Ranked Ranked#4 #4for forstock stockbroking, broking,8.5% 8.5%market marketshare share •• Rank Rank#3 #3for forstock stockbroking, broking,3.9% 3.9%market marketshare share •• No. No.11advisor advisorranking rankingfor formid mid
Slide 36: Asset Management & Insurance
BCHB GROUP : 1H09 RESULTS ASSET MANAGEMENT & INSURANCE
Slide 37: Group's Asset Management & Insurance
Group's Asset Management & Insurance PBT (RM 'mil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y CIMB-P Group 9 5 52.2% 14 28 (50.6%) Wholesale 2 4 (42.0%) 6 6 3.8% Insurance 30 24 29.4% 54 0 >100% Total 41 33 24.6% 74 34 >100% AUM • 2Q09 GAM AUM increased 12% QoQ. Higher UT sales 25,000 in equities and money mar
Slide 38: CIMB Niaga
BCHB GROUP : 1H09 RESULTS CIMB NIAGA
Slide 39: CIMB Niaga: Earnings Summary (including M&A charges)
CIMB Niaga: Earnings Summary (including M&A charges) (IDR ‘bil) 2Q09 1Q09 Q-o-Q 1H09 1H08 Y-o-Y Net Interest Income 1,613 1,369 18% 2,982 2,336 28% Non Interest Income 342 249 37% 591 348 70% Operating Income 1,955 1,618 21% 3,573 2,684 33% Overhead Expenses (938) (840) 12% (1,778) (1,689) 5% Pre Pr
Slide 40: CIMB Niaga: Balance Sheet Changes
CIMB Niaga : Balance Sheet Changes (IDR ‘bil) 1H09 1H09 1H08 1H08 Y-o-Y (RM ‘mil) (RM ‘mil) Placements & Other MS 13,187 4,547 14,494 5,132 (9%) Government Bonds 9,505 3,277 8,501 3,010 12% Loans 70,768 24,401 69,087 24,464 2% Other Assets 8,686 2,995 8,491 3,007 2% Total Assets 102,146 35,220 100,5
Slide 41: CIMB Niaga: Key Ratios
CIMB Niaga : Key Ratios (%) 2Q09 1Q09 Q-o-Q ROE 18.08 10.90 7.18 NIM 6.94 5.89 1.05 Fee Income 17.47 15.41 2.06 Cost to Income 47.98 51.92 (3.94) Loan Loss Charge 0.45 0.30 0.15 Loan to Deposit 87.24 85.77 1.47 Gross NPL* 2.68 2.85 (0.17) Net NPL* 1.68 1.69 (0.01) Loan Loss Coverage* 96.34 85.28 11.
Slide 42: CIMB Niaga Highlights
CIMB Niaga Highlights Business integration • Completed treasury integration showing good results Completed of Single Platform Day 1 • 4.5 months ahead of total 11 months schedule • 2/3 of total budget • Faster than projected stabilisation period Branch rebranding • Ex Bank Niaga Premises – 245 branc
Slide 43: CIMB Thai
BCHB GROUP : 1H09 RESULTS CIMB Thai
Slide 44: CIMB Thai: Earnings Summary (including M&A charges)
CIMB Thai : Earnings Summary (including M&A charges) (Baht 'mil) 2Q 09 1Q 09 Q-o-Q 1H09 Net Interest Income 1,165 1,087 7.2% 2,252 Non Interest Income 633 531 19.2% 1,164 Operating Income 1,798 1,618 11.1% 3,416 Overhead Expenses (1,374) (1,570) (12.5%) (2,944) Pre Provision Operating Profit 424 48
Slide 45: CIMB Thai: Balance Sheet Changes
CIMB Thai : Balance Sheet Changes 30 Jun 09* 31 Dec 08 (Baht 'mil) 30 Jun 09 31 Dec 08 H-o-H (RM 'mil) (RM 'mil) Placements & Other MS 40,682 4,202 66,196 6,837 (38.5%) Government Bonds (Net) 11,758 1,214 22,691 2,344 (48.2%) Loans (Net) 75,527 7,801 83,657 8,640 (9.7%) Other Assets 22,736 2,348 39,
Slide 46: CIMB Thai: Key Ratios
CIMB Thai : Key Ratios (%) 2Q09 1Q09 Q-o-Q ROE (15.5) (14.7) (0.8) NIM 2.7 2.1 0.6 Fee Income 1.3 1.1 0.2 Cost to Income 77.0 95.1 (18.1) Loan Loss Charge 0.77 0.34 0.43 Loan to Deposit (Bank) 67.8 55.9 11.9 Gross NPL 16.00 15.10 0.90 Net NPL 7.33 6.91 0.42 Loan Loss Coverage 63.9 63.5 0.4 CAR (Bank
Slide 47: CIMB Thai – Key Highlights
CIMB Thai – Key Highlights Business transformation updates: ¾ CIMB Thai 5-year (2009-2013) transformation roadmap outlined to achieve three key aspirations 9 To become Top 3 most profitable bank (by ROE) 9 To be market leaders in at least 3 areas of the business (product/segment) 9 To be Employer
Slide 48: Other Highlights
BCHB / CIMB GROUP CEO’S REVIEW OTHER HIGHLIGHTS
Slide 49: CIMB Islamic Business Indicators – Dual Banking is Successful
CIMB Islamic Business Indicators – Dual Banking is Successful Ranking of Total Islamic Assets • 2Q09 gross financing assets grew 22% to RM9.6 bil QoQ mainly due to increase in Corporate, Auto Total Assets Market Finance and Xpress financing. Rank Company Share RM ‘mil • 2Q total deposit increased 3%
Slide 50: Global Islamic Investment Banking Leadership
Global Islamic Investment Banking Leadership 1H09 Global Sukuk League Table 1H09 Domestic Sukuk League Table Market Market Rank Company USD ‘mil Rank Company USD ‘mil Share, % Share, % 1 AmInvestment 1,965 29.5 1 AmInvestment 6,970 41.4 2 CIMB 1,384 20.8 2 CIMB 4,738 28.1 3 HSBC 855 12.8 3 Maybank I
Slide 51: Growth in Islamic Share
Growth in Islamic Share Mortgages CIMB HP Express 30,000 12,000 755 899 1,032 25,000 1,086 1,677 10,000 1,344 1,921 2,532 540 734 446 20,000 476 8,000 RM 'mil RM 'mil 15,000 6,000 23,441 24,094 24,385 10,351 10,292 10,327 9,607 21,096 22,430 9,097 8,637 10,000 19,797 4,000 5,000 2,000 - - 1Q08 2Q08
Slide 52: Corporatisation of Bad Bank
Corporatisation of Bad Bank • Separate legal entity under CIMB Group to serve as a platform to consolidate ownership of NPL • 1st tranche will include all transferable NPL under “Bad Bank” (comprising RM1.1b net loans) • Prelude to creation of “Regional Bad Bank”, and facilitates participation by st
Slide 53: Up-date on Yingkou
Up-date on Yingkou • Invested RM182 mil for 19.99% in April 2009 • Maiden contribution in 2Q09 of RM5.7 mil • Effective PE valuation paid of 5.5 FY09 • Implied ROI of 19% • Appointment of Vice President from CIMB Group 2Q09 1Q09 Q-o-Q 1H09 Operating income (RMB ‘mil) 192 194 -1.2% 386 Net profit (RM
Slide 54: Regional Integration in Progress
Regional Integration in Progress Malaysia Indonesia Thailand Singapore Lines Business Lines Investment Investment Business Business Retail Retail Banking Banking Cards Cards Banking Banking Banking Banking Business Corporate Corporate Asset Asset Mgmt Mgmt && Islamic Islamic Treasury Treasury Bankin
Slide 55: By 9.9.09 Rebranding will be Complete
By 9.9.09 Rebranding will be Complete 55
Slide 56: Singapore Retail Banking – 29.09.09
Singapore Retail Banking – 29.09.09 • Branch on schedule for launch. Bank staff strength increased from 124 to 293 up to June 2009. • Soft launch going well: • Y-o-Y retail deposit up from SGD106 mil to SGD389 mil • “CIMB STARSaver” and “CIMB Home Loan” well received • To be launched in August / Sep
Slide 57: Regional Cards Branding
Regional Cards Branding Adoption of common look & feel to strengthen branding: 2Q09 (1) Card Design Market share of Card Base • Malaysia (as at May 09) 10.1% • Indonesia (as at Apr 09) 5.0% CIMB Malaysia CIMB Indonesia CIMB Singapore (2) Rewards Catalogue Card Base (3) Benefits Icon 2,000 1,800 Mala
Slide 58: Launch of CIMB Preferred
Launch of CIMB Preferred Singapore (New) Thailand (New) • Standardising our priority banking Benefits include: brand across the region • A wide suite of tailored financial • Extend regional recognition to all solutions priority banking customers • A dedicated Relationship Manager • Access to over 80
Slide 59: Notable Awards
Notable Awards 1 1 1 BestDomestic Best DomesticBank Bank BestInvestment InvestmentBank Bank BestCEO CEO(#2) (#2) Best Domestic Equity House Best Best Best Domestic Equity House BestDomestic DomesticDebt DebtHouse House Best Islamic Bank ininAsia Best Islamic Bank Asia Best Managed Company ininMsia B
Slide 60: Closing Remarks
BCHB GROUP : 1H09 RESULTS CLOSING REMARKS
Slide 61: Targets for 2009
Targets for 2009 1H09 (Annualised) 2009 Target On Track ROE 14.3% > 12.5% 9 TSR (1H09) +55% > KLCI (+23%) 9 Dividend -* 18.5 sen (single tier) 9 Total loans growth ** 9% 8% 9 Retail deposit 9% 18 % r Loan loss charge** 0.7% 0.9 % 9 Tier 1 (at bank) 13.4%# 10% 9 RWCR (at bank) 13.8% 12% 9 Double leve
Slide 62: Closing Remarks
Closing Remarks We had a good first half Optimistic that this year will turn out much better than expected Good deal pipeline in 2H09 but we must remain prudent and vigilant as global recovery is fragile and there may still be some lag-effect in NPL formation Priority now is our regional ope
Slide 63: Thank You
THANK YOU BUMIPUTRA COMMERCE
BCHB Group (CIMB Group Holdings) — 1H 2009 Earnings Presentation on 6ix