Published:
CIMB's NIM down to 2.58% in 3Q16
Blame it on higher funding costs in Malaysia.
Maybank Kim Eng reports that CIMB Group's NIM compressed 5bps QoQ to 2.58% in 3Q16 and on a 9-month basis, NIMs are down 4bps YoY to an average of 2.61%. The NIM compression has emanated mainly from Malaysia due to higher funding costs, buffered in part by better NIMs in Indonesia.
"For the year, management continues to guide for NIM compression of 5-10bps, with expectations that NIMs in Indonesia will trend lower, as would Malaysia’s NIMs on the back of the recent 25bps OPR cut," the firm said.
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