CIMB Group Holdings posted RM1.887 billion in net profit for the first half of 2011, representing a 9.3 per cent rise year-on-year. 

Profit for the second quarter was 5.8 per cent higher than the first quarter, at RM970 million. Compared to the same period in the previous year, this represents a 9.1 per cent growth from RM889 million.

The robust gains were attributed to strong consumer banking operations at CIMB's Malaysian business and continued high growth at CIMB Niaga. For the first half, the Malaysian consumer bank PBT saw an 83.3 per cent increase year-on-year to RM715 million, helped mostly by low credit charges. CIMB Niaga, the largest contributor to the group at 29 per cent, saw a 39.6 per cent increase to IDR2,123 billion.

"We retain our 17 per cent ROE target for 2011 but have re-strategised for volatile financial markets and slower economic growth in the region. As we moderate our asset growth expectations, we will emphasise on internal efficiencies and sustaining our low credit costs to achieve this target," said Dato Sri Nazir Razak, the group chief executive for CIMB Group, in a press release.

Nazir added that major internal changes will also be implemented in the next months to streamline management strucutures and enhance client focus. The main changes would be in the wholesale businesses, namely investment banking treasury, and asset management. 

In early August, the Malaysian bank announced that Robert Jan-Voogt, formerly general manager for private banking at Emirates NBD Dubai, has joined the company as group head of private banking.