CIMB Niaga posts 2.2 trillion rupiah net profit in the first nine months

PETALING JAYA: PT Bank CIMB Niaga Tbk reported an unaudited consolidated net profit of 2.2 trillion rupiah (RM686.6 million) in the first nine months of 2017, representing an 69.1% year-on-year (y-o-y) growth, which translates into an earnings per share of 87.42 rupiah.
The improved net profit came on the back of a 5.4% y-o-y increase in net interest income (NII) to 9.4 trillion rupiah and a 16.4% y-o-y decline in provision expense, it said in a statement today.
CIMB Niaga president director Tigor M. Siahaan said its operating income grew by 5.1% y-o-y while costs were under control, rising by only 0.8% y-o-y, below the inflation rate of 3.7%.
He said provisions declined by 16.4% y-o-y resulting in lower credit charges of 2.34% compared with 2.77% a year ago and bringing about a 69.1% higher y-o-y net profit to 2.2 trillion rupiah.
“Given the economic environment, we will continue our prudent approach to loan growth, with focus on asset quality as our top priority,” he added.
With total assets of 252.13 trillion rupiah as at Sept 30, 2017, representing a 6.3% y-o-y increase, CIMB Niaga maintained its position as Indonesia’s fifth largest bank by assets. Its total gross loans increased 2.7% y-o-y to 178.80 trillion rupiah as at Sept 30, 2017.