CIMB Niaga's net profit surges 29% in 1Q12

Thanks to its operating income which rose 30% to Rp3.17 trillion.

In a release, PT Bank CIMB Niaga Tbk reported an unaudited consolidated net profit of Rp937 billion for the first quarter of 2012, or up 29% compared to the same period in 2011 (Rp728 billion). This translated to earnings per share (EPS) of Rp37.26, higher than the corresponding period in 2011 of Rp29.30. The higher net profit resulted from an increase in operating income by 30% to Rp3.17 trillion, from the same period last year of Rp2.45 trillion.

In line with the vision to be the most trusted bank in Indonesia serving all segments, loans in all business segments i.e. commercial, corporate and retail grew by 23%, 17%, and 11% respectively compared to the same period last year. Going forward, CIMB Niaga will keep striving for loan growth with products that have growth prospect such as micro-financing, rahn service and Motor Laju.

Catherine Hadiman, Vice President Director of CIMB Niaga said: “The management fully supports the development of these businesses. This is reflected with the addition of new Mikro Laju outlets to the existing network – an increase to 246 as of 31 March 2012 from 142 as of 31 March 2011, with a 220% in loans growth. “Another product, rahn, has seen an impressive growth of 380% to Rp57.98 billion through 67 outlets operated as of 31 March 2012. In addition, the 2 wheeler business (Motor Laju) that we launched in July 2011, has recorded a 117% growth (QoQ) to reach Rp226.5 billion,” Catherine said.

As of 31 March 2012, loans grew by 18% to Rp129.83 trillion. CIMB Niaga continues to ensure the quality of its asset as reflected in its NPL ratio (gross) of 2.69% as of 31 March 2012, an improvement if compared to the same period last year of 2.86%.

The bank’s total assets as of 31 March 2012 reached Rp172.68 trillion, up 16% from the corresponding period in 2011 of Rp149.05 trillion. CIMB Niaga also recorded a growth in customer deposits of 11% to Rp133.23 trillion, compared to the same period last year of Rp120.55 trillion. CASA (current account savings account) increased to
Rp59.79 trillion as of 31 March 2012.