CIMB Niaga reports higher earnings in FY19

KUALA LUMPUR: PT Bank CIMB Niaga Tbk, CIMB Group Holdings Bhd's unit in Indonesia, posted a higher earnings for the year ended Dec 31, 2019 (FY19) with improvement on most business fronts.

The bank registered an audited consolidated net profit of 3.9 trillion rupiah, or 12.4% higher than the previous year.

"Our 6.3% year-on-year operating income growth was mainly driven by the 11.6% expansion in non-interest income," CIMB Niaga's president director Tigor M. Siahaan said in a statement.

Total loans grew by 3.1% to 194.2 trillion rupiah mainly from consumer business.

"Despite the challenging market environment, provision expenses rose moderately by 7.5% year-on-year with loan loss coverage improving to 113.60%,” he added.

With total assets of 274.5 trillion rupiah as at Dec 31, CIMB Niaga maintained its position as Indonesia's second largest privately owned bank by assets.