CIMB Niaga's Profit Soared 200% in 2021 on Growing Loan Portfolio

PT CIMB Niaga Tbk (BNGA) reported a net profit attributable to owners of Rp4.1 trillion (consolidated) in 2021.

This achievement surged more than double or 103.75% compared to the previous year, which was only Rp2 trillion. This achievement is also better than the period before the Covid-19 pandemic, namely in 2019, where its profit was Rp3.9 trillion.

Mortgage and Car Loans Increased

The improvement in the company's performance was driven by credit growth and operating income, followed by strong discipline in cost management.

Throughout 2021, the issuer, originally named Bank Niaga, disbursed Rp181.6 trillion in credit. The consumer banking business grew by 9.2% throughout last year, with Mortgage loans (KPR) growing by 9.1%, and car loans growing by 28.8%.

The issuer, with the trading code BNGA, was able to book a 4.96% growth in interest income to Rp13.09 trillion throughout 2021 compared to the previous year.

Meanwhile, other operating expenses decreased by 17.12% to Rp7.97 trillion in 2021. This also caused CIMB Niaga's profit to surge sharply in 2021.

The company's equity grew by 5.7% to Rp43.38 trillion in 2021. Liabilities also increased by 11.47% to Rp267.41 trillion in 2021. As a result, CIMB Niaga's assets grew by 10.62% to Rp310.79 trillion in 2021 compared to the previous year.

The improvement in the company's performance was positively responded to by investors. The price of BNGA shares closed up 3.55% to Rp1,020 per share on Monday, February 21, 2022. Thus, until yesterday's trading, CIMB Niaga shares have risen 5.7% (year to date/ytd).

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