CIMB Niaga’s 1H17 net profit up 87.5% to RM450m

PT BANK CIMB Niaga Tbk’s unaudited consolidated net pro t for the first-half of 2017 (1H17) grew by 87.5% year-on-year (YoY) to 1.4 trillion rupiah (RM449.92 million), or an earnings per share of 54.92 rupiah.

In a filing to Bursa Malaysia yesterday, CIMB Group Holdings Bhd said the improved net profit was supported by an increase in net interest income (NII) of 8.9% YoY to 6.33 trillion rupiah and a 16.9% YoY decline in provision expenses.

President director Tigor M Siahaan said CIMB Niaga is optimistic the positive performance in 1H17 will provide a strong impetus for further improvement of results.

“Our operating income grew by 6.3% YoY, while costs were well controlled and rose only by 2.3% YoY. 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 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, 2017, including 505 branches, 49 cash/payment points (including 21 digital lounges) and 20 mobile cash. — Bernama