CIMB Niaga's pre-tax profit rises 7.8% to 2.2 trillion rupiah
KUALA LUMPUR: CIMB Group Holdings Bhd’s 92.5%-owned Indonesian arm, PT Bank CIMB Niaga Tbk’s (CIMB Niaga) pretax profit rose 7.8% year-on-year (YoY) to 2.2 trillion rupiah in the first quarter of 2024, translating to earnings per share of 66.96 rupiah.

“Our healthy loan growth and improved asset quality indicators have laid a robust foundation for value creation, complemented by effective cost management with cost to income ratio (CIR) coming in below 45%.

“These achievements reflect our unwavering commitment to delivering sustainable profitability and reinforcing our confidence on a positive outlook for the remainder of the year,” president director Lani Darmawan said in a statement.

CIMB Niaga maintains a solid capital and liquidity position with capital adequacy ratio (CAR) and loan-to-deposit ratio (LDR) of 24.5% and 84.2% respectively.

Its total consolidated assets stood at 333.0 trillion rupiah as of March 31, solidifying the bank’s position as Indonesia’s second largest privately owned bank.

Total deposits increased 3.3% YoY to 248.0 trillion rupiah, showcasing a robust current account and savings account (CASA) ratio of 64.6%.

Meanwhile, CASA rose 8.9% YoY, which was achieved by fostering stronger customer relationships and enhancing the overall customer experience via digital touchpoints.

Total loans/financing grew 6.0% YoY to 211.6 trillion rupiah with the highest growth from small medium enterprise (SME) at 9.4% YoY and consumer banking at 6.9% YoY.

CIMB Niaga said the increase in retail loans were largely contributed by auto loans, which grew 15.8% YoY.

In Sharia Banking, CIMB Niaga's Islamic Business Unit (CIMB Niaga Syariah) maintained its position as the largest Unit Usaha Syariah (Islamic Business Unit) in Indonesia, with total financing valued at 56.2 trillion rupiah and deposits of 50.6 trillion rupiah as at March 31.

CIMB Niaga has announced a cash dividend of 3.1 trillion rupiah, representing 50% of FY23 net profit (bank only).

The bank said the decision received approval at the annual general meeting of shareholders held April 3. Payment of the cash dividend will be made within 30 calendar days following the effective date of the AGM decision.

“We appreciate the confidence shown in us, which has led to positive earnings. Our dedication remains unwavering as we strive to continuously generate maximum value for shareholders, guided by a strategic focus on profitable and sustainable business growth,” Lani said.
Banking,CIMB,CIMB Niaga,Lani Darmawan
KUALA LUMPUR: CIMB Group Holdings Bhd’s 92.5%-owned Indonesian arm, PT Bank CIMB Niaga Tbk’s (CIMB Niaga) pretax profit rose 7.8% year-on-year (YoY) to 2.2 trillion rupiah in the first quarter of 2024, translating to earnings per share of 66.96 rupiah.