CIMB: Malaysia's Most Valuable Asset

CIMB now has a market value of RM58 billion as at yesterday's closing price, compared with Maybank's RM57.5 billion

That means CIMB Group Holdings Bhd (1023) has overtaken Malayan Banking Bhd (Maybank) to become Malaysia's most valuable listed firm.

CIMB, the country's second biggest lender by assets, now has a market value of RM58 billion as at yesterday's closing price, compared with Maybank's RM57.5 billion, Bloomberg data shows.

CIMB's share price has been rising since last week on expectations that it will register a strong set of financial results for its second quarter. It is due to announce its results tomorrow.

"Banks, including Maybank, have recently posted strong financial results, so expectations are high that CIMB will also come out with a good set of numbers," said an analyst from a local bank-backed brokerage.

He expects the group to post a net profit of RM3.37 billion for the full year compared with RM2.8 billion earlier. Maybank last week posted a record net profit of RM3.82 billion for the year to June 30 2010.

CIMB is certainly looking forward to better times while Maybank may just have to contend itself to playing second fiddle.