CIMB Bank's logo on a building in Kuala Lumpur. CIMB Bank is unit of the CIMB Group Holdings Bhd. (Photo taken by Hafidz for Star Online use.)
KUALA LUMPUR: PT Bank CIMB Niaga Tbk’s (CIMB Niaga) unaudited consolidated net profit for the first half (H1) of 2017 grew by 87.5% year-on-year (y-o-y) to 1.4 trillion rupiah (RM449.7mil), or earnings per share of 54.92 rupiah.
In a filing with Bursa Malaysia on Monday, CIMB Group
Holdings Bhd said the improved net profit was supported by an increase in net interest income (NII) of 8.9% y-o-y to 6.33 trillion rupiah (RM2.03bil) and a 16.9% y-o-y decline in provision expense.
President director Tigor M. Siahaan said CIMB Niaga was optimistic the positive performance in H1 would provide a strong impetus for further improvement of results.
“Our operating income grew by 6.3% y-o-y while costs were well controlled and rose only by 2.3% y-o-y. We will continue to gradually rebalance our balance sheets and implement capital optimisation initiatives.
“The asset quality outlook is expected to progressively improve in line with our portfolio rebalancing and improved risk management policies,” he said.
CIMB Niaga was established as Bank Niaga in 1955.
CIMB Group holds around 92.5% stake in CIMB Niaga (including PT Commerce Kapital’s 1.02%).
The bank offers a comprehensive suite of both conventional and Islamic banking products and services, through an expanding delivery channel network of 574 network channels all over Indonesia as at June 30, including 505 branches, 49 cash/payment points (including 21 digital lounges) and 20 mobile cash. -- Bernama
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