CIMB Group, the Malaysian banking giant, posted a 15.1 per cent year-on-year rise in net profit for the six months to 30 June 2013 to MYR2.44 billion ($738 million), helped mostly by its consumer banking operations.

The regional consumer bank profit before tax rose 12.2 per cent from the previous year to MYR1.137 billion. The Malaysian and Singapore business grew 14.4 per cent year-on-year on the back of assets growth and lower cost increases. The Indonesian arm saw a 3.1 per cent rise and the Thai consumer arm posted a smaller loss of MYR1 million, compared to MYR4 million in the first half of 2012.

Consumer banking was the largest contributor to the group at 41 per cent, up from 36 per cent in the previous year. Corporate banking accounted for 28 per cent (from 22 per cent), while treasury and markets, investment banking and investments contributed 18 per cent, 5 per cent and 8 per cent, respectively.

Investment profit before tax also jumped 97.1 per cent to MYR554 million, due mostly to the MYR515 million gain from the sale of the 51 per cent stake in CIMB Aviva partially offset by MYR200 million in restructuring charges.

In the second quarter of 2013, CIMB continued its expansion drive across Asia by opening an investment banking arm in Taiwan and laying out plans to establish branches in Laos, Shanghai and Hong Kong in the next months. Its earlier plan to acquire Bank of Commerce in the Philippines did not push through.

To view a recent senior appointment story at CIMB, click here.