KUALA LUMPUR, Feb 25 (Reuters) – CIMB Group Holdings Bhd , Malaysia’s second largest bank by assets, on Thursday reported its net profit for the fourth quarter more than tripled on the back of higher operating income and lower provisions.

Net profit for the quarter ended in December 2015 was 850 million ringgit ($201.61 million) compared with 252 million ringgit a year earlier, the lender said at a press conference.

Net attributable profit, which was released to the stock exchange later, was 825.7 million ringgit against 200.3 million ringgit in the prior-year period.

The bank said it would navigate through 2016 “prudently”, in light of the challenging environment faced by the financial services industry.

“We will continue to see challenges in countries we are operating in. We expect performance to improve this year. We do not expect the numbers to contract, but expect slower growth (in loans and assets),” CIMB Group Chief Executive Zafrul Aziz told reporters.

He added the bank was working towards starting its Vietnam operations by the end of 2016.

CIMB said provisions remain elevated from Indonesia and Thailand, which impacted the full-year net profit. Prospects in Malaysia continue to be tempered by macroeconomic conditions and weakened consumer expenditure, it added.

CIMB, chaired by Nazir Razak, brother of Prime Minister Najib Razak, has expanded in Southeast Asia in the past decade but the region has suffered slowing economic growth and depreciating currencies this year.

The bank cut dozens of jobs in its Hong Kong investment banking and equities business last month as it struggled to manage costs amid deteriorating market conditions.

-Reuters