Friday, October 29, 2010

CIMB Niaga 9-month profit at 1.79 trillion rupiah, up 56%

KUALA LUMPUR: PT Bank CIMB Niaga Tbk registered a strong set of earnings in the nine months ended Sept 30, 2010 with consolidated net profit at 1.79 trillion rupiah, up 56% from the previous corresponding period.

CIMB Niaga vice chief executive officer & corporate banking director Catherine Hadiman said: 'The profit increased as operating income went higher and allowance lower following improvement of the quality of the company's assets.'

CIMB Niaga reported an improvement in its operating cost by reducing the cost-to-income ratio to 49.03% as at September 2010 from 50.63% last year.

The bank said the total assets as at Sept 30, were 129.14 trillion rupiah, up by 28% from 101.09 trillion rupiah in the previous corresponding period.

'CIMB Niaga saw a 29% hike in credit total ' from 74.52 trillion rupiah recorded on Sept 30, 2009 to 96.29 trillion rupiah on Sept 30, 2010,' it said, attributing the better performance to growth in corporate, business and retail lending (24%, 29% and 32% respectively) from a year ago.

As loan total increased, CIMB Niaga reported a loan-to-deposit (LDR) ratio of 89.31% in September 2010.

It added that over 11% of its loans went to customers outside Java, reflecting a strategy of even loan distribution in Indonesia.

No comments:

Post a Comment