ASIA: Indonesia- CIMB Niaga lifts profit in first half of 2017

CIMB Niaga, one of the leading banks in Indonesia just released its half annual financial report in July. The bank reported an increase of 87% profit compared to the same period last year. The increment was driven by the bank’s higher revenue in net interest income and fee based income.

The bank reported net interest income –  revenue collected by generating interest from loans then deducting it with the bank’s liabilities – grew by 9% and reached an amount of IDR 6 trillion (USD 450,000) within the first half of this year. The bank’s fee-based income – revenue collected by charging fees – has also increased to nearly IDR 1 trillion (USD 75 million) within the same period. The bank’s president director, Tigor Siahaan mentioned that the bank was very pleased with the result yet remains cautious with the economic outlook.

According to RFi Group, CIMB Niaga is Indonesia’s fifth largest banks in retail banking. Around 13% of retail banking customers in Indonesia own a relationship with the bank and their share in the market has been consistent in the past 18 months. 

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