For the full year, net profit rose to RM3.56 billion in financial year ended December 31, 2016 (FY16), from RM2.85 billion a year earlier, CIMB said yesterday. Today, CIMB shares rose to their highest so far at RM5.10. Public Investment Bank Bhd said CIMB’s FY16 net profit of RM3.56 billion was within expectation at 100.9% and 98.2% of Public Investment's and consensus full-year estimates. Kenanga Investment Bank Bhd said CIMB's FY16 core net profit at RM3.41 billion was within Kenanga's full-year estimate, but below consensus forecast. Kenanga said it raised its target price for CIMB shares to RM5.29, from RM5.27, but downgraded the stock to "market perform".

Source: The Edge Markets March 01, 2017 05:12 UTC