CIMB Group’s Indonesia outfit, PT Bank CIMB Niaga Tbk today reported an unaudited consolidated profit before tax of IDR2.0 trillion in the first quarter of 2023, representing a 29.5% year-on-year (“Y-o-Y”) growth, translating to earnings per share of IDR63.42.
President Director of CIMB Niaga Lani Darmawan said, “We have begun 2023 by delivering another strong quarter with good performance for all business segments, on the back of solid loan growth and improved underlying asset quality indicators. Gross non-performing loans (“NPL”) declined to 2.6% from 3.6% in 1Q22 and 2.8% in 4Q22, and these results allow us to accelerate value creation for our stakeholders and reinforce our confidence in a positive outlook for the rest of 2023.”
The Bank said in line with strong underlying growth, its key profitability indicator, return on equity (“ROE”), improved to 15.1%. CIMB Niaga maintains a solid capital and liquidity position with capital adequacy ratio (“CAR”) and loan-to-deposit ratio (“LDR”) of 21.3% and 82.2% respectively.
Total consolidated assets stood at IDR347.3 trillion as of 31 March 2023, solidifying the Bank’s position as Indonesia’s second-largest privately owned bank. Total deposits reached IDR240.1 trillion with CASA ratio at 61.2%, which was attributed to deepening customer relationships and customer experience through digital touchpoints. Total loans/financing grew 10.1% Y-o-Y to IDR201.1 trillion contributed mainly by growth in Corporate Banking and Consumer Banking. Mortgages grew by 5.5% Y-o-Y, while auto loans rose 20.6% Y-o-Y, including contributions from the Bank’s subsidiary, PT CIMB Niaga Auto Finance.
