CIMB’s Indonesian subsidiary records strong profit growth


  • Business
  • Monday, 20 Feb 2017

PT Bank CIMB Niaga is the fifth largest bank in Indonesia by assets, deposits and lending, according to its website.

KUALA LUMPUR: CIMB Group Holdings Bhd’s Indonesian operations, represented by PT Bank CIMB Niaga Tbk, recorded a 387% growth in consolidated net profit for the financial year ended Dec 31, 2016.

Announcing the 92.5% owned subsidiary’s audited results to Bursa Malaysia on Monday, CIMB said CIMB Niaga’s annual profit jumped to 2.082 trillion rupiah (RM694.6mil) -- or earnings per share of 82.83 rupiah -- from 427.9 billion rupiah (RM142.8mil) in the preceding year.

This improved net profit came on the back of a 6.2% year-on-year (y-o-y) increase in net interest income to 12.09 trillion rupiah (RM4.0bil) and a 2% y-o-y rise in non-interest income to 4.23 trillion rupiah (RM1.4bil).

The bank’s consolidated gross non-performing loans ratio (NPL) stood at 3.89% as at Dec 31, 2016, up from 3.74% a year earlier. However, the NPL was lower compared with 4.21% as at Sept 30, 2016.

Net interest margin stood at 5.64% versus 5.21% a year earlier.

Indonesia Stock Exchange-listed CIMB Niaga is the fifth largest bank in Indonesia by assets, deposits and lending, The group’s consolidated results included those of subsidiary PT CIMB Niaga Auto Finance.

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