CIMB Niaga's Net Profit Reaches Rp1.2 Trillion in Q1 2022

PT Bank CIMB Niaga Tbk reported consolidated net profit of Rp1.2 trillion in Q1 2022. This figure represents a 19.9% year-on-year (yoy) increase compared to Rp995.9 billion in the same period of the previous year.

CIMB Niaga President Director Lani Darmawan stated, "We achieved good results in the first quarter, with net profit reaching Rp1.2 trillion, continuing the solid performance since 2021," she said in a press release on Thursday (28/4/2022).

"Positive growth in operating income, good management of operating expenses, and lower provision charges drove performance in Q1 2022. This encouraging performance reflects the success of our strategic priorities in the positive economic recovery," Darmawan continued.

The company noted that CIMB Niaga's capital adequacy ratio (CAR) and loan to deposit ratio (LDR) were strong at 23.1% and 76.1%, respectively, as of March 31, 2022.

Total assets reached Rp307.4 trillion as of March 31, 2022, a 12.8% increase compared to Rp272.5 trillion in the same period of the previous year.

With this achievement, CIMB Niaga maintained its position as the second-largest private national bank in Indonesia in terms of assets.

Total third-party funds (DPK) amounted to Rp237.3 trillion in Q1 2022, with a CASA ratio of 63.6%.

This is in line with the Bank's ongoing commitment to building stronger relationships with customers through the latest digital banking services and improving customer experience.

Disbursed loans totaled Rp182.7 trillion, mainly from the consumer banking business, with 12.4% yoy growth.

Mortgage loans (KPR) grew by 9.2% (yoy), while car loans (KPM) increased by 48.8% (yoy).

"With the continuously improving economic conditions, we expect the positive performance achieved to continue in 2022, driven by loan growth and the normalization of net interest margins (NIM) in subsequent quarters," said Darmawan.

"Going forward, we will continue to build and leverage digital capabilities to enhance customer experience and drive long-term business growth," she continued.

(Also read: BNI's Net Profit Reaches Rp3.97 Trillion in Q1 2022)