CIMB Niaga micro-lending doubles to $19.03mn

The lender was able to release $57.25mn in 2010 as the lender sees room for further optimization on business behind huge market potential.

Bank CIMB Niaga says it increased micro-lending disbursements more than 100 percent to Rp 167 billion (US$19.03 million) in January and February compared to the same period last year.

The bank, Indonesia's fifth largest lender by assets, recorded disbursements of Rp 75 billion ($8.59 million) in January and Rp 92 billion ($10.53 million) in February, CIMB Niaga special lending and microfinance commercial banking head Firman A. Moeis said on Thursday in Medan, according to a report in The Jakarta Post.

“We keep expanding, thus the high growth. Although the growth rate has reached more than 100 percent, we can still further optimize it because the market potential is big,” he added, as quoted by kontan.co.id.

Firman said the bank disbursed Rp 500 billion ($57.25 million) in microloans in 2010, about Rp 41 billion ($4.69 million) per month.