CIMB Niaga reports 5.8% y-o-y growth in pre-tax profit for 1H24

KUALA LUMPUR: PT Bank CIMB Niaga Tbk (CIMB Niaga) reported an unaudited consolidated profit before tax of 4.4 trillion Indonesian rupiah for the first half of 2024 -- a 5.8 per cent year-on-year (y-o-y) growth.

In a filing with Bursa Malaysia today, CIMB Niaga's president director Lani Darmawan attributed the positive performance to the earning assets growth, operational efficiency, and prudent provisioning.

"We continue to manage asset quality effectively, maintaining a gross nonperforming loan (NPL) ratio of 2.1 per cent, below the industry average.

"We are optimistic for the remainder of 2024, with our long-term strategy firmly on track," said Lani.

CIMB Niaga maintained a solid capital and liquidity position with a capital adequacy ratio (CAR) and

loan-to-deposit ratio (LDR) of 22.7 per cent and 85.7 per cent, respectively.

Total consolidated assets stood at 346.7 trillion Indonesian rupiah as of June 30, 2024, solidifying the bank’s position as Indonesia’s second-largest privately owned bank.

Its total loans grew 5.9 per cent y-o-y to 217.1 trillion Indonesian rupiah, while its current account savings accounts (CASA) grew by 7.4 per cent y-o-y to 162.9 trillion Indonesian rupiah.

Meanwhile, to support its business growth, CIMB Niaga continues to improve customer experience by offering a comprehensive suite of products and services through its 403 branches and networks, including 35 digital lounges.

As of June 30, 2024, the bank’s nationwide network operated 3,620 ATMs (including Cash Remittance Machines and Multidenom Deposit Machines) and 708,340 Electronic Data Capture (EDC) Devices, QR and e-commerce terminals.- Bernama