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BANKING - JAKARTA. PT Bank CIMB Niaga Tbk (BNGA) reported a positive performance in the first quarter of 2024, with a net profit of IDR 1.69 trillion.
The bank's profit grew by 5.94% year-on-year (yoy), compared to the same period in 2023 when it stood at IDR 1.6 trillion.
This achievement was driven by CIMB Niaga's net interest income of IDR 3.28 trillion, despite a slight decrease of 3.8% yoy from the previous IDR 3.41 trillion in the same period last year.
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The decrease in net interest income was due to a surge in interest expenses by 31.28% yoy, from IDR 1.95 trillion to IDR 2.56 trillion in the first quarter of 2024.
As a result, the net interest margin (NIM) ratio shrank from 73.95% to 72.80% as of March 31, 2024.
However, operating income increased by about 11.7% yoy from IDR 1.97 trillion to IDR 2.2 trillion in the first quarter of 2024.
On the other hand, CIMB Niaga appeared to be more efficient in its operations, as evidenced by the decrease in the operational cost to operational income (BOPO) ratio from 73.95% to 72.80% as of March 31, 2024.
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In terms of intermediation function, CIMB Niaga disbursed loans and financing amounting to Rp 211.6 trillion in the first quarter of 2024, up 6% yoy compared to the previous year.
This growth was primarily driven by the Small and Medium Enterprises (SMEs) credit segment, which grew by 9.4% yoy, and the consumer segment, which grew by 6.9% yoy.
The highest increase occurred in retail credit and financing, especially from car ownership credit (KPM), which increased by 15.8% yoy.
Despite the positive growth in the credit segment, the company was able to maintain its credit quality, as evidenced by the improved non-performing loan (NPL) ratio of CIMB Niaga, with the gross NPL ratio decreasing from 4.71% to 4.20% as of March 31, 2024.
In terms of funding, amid the current trend of high funding costs, CIMB Niaga was able to increase the acquisition of third-party funds (DPK), which grew by 3.3% yoy to Rp 248 trillion in the first quarter of 2024. The acquisition of cheap funds (CASA) even grew by 8.9% yoy.
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As a result, CIMB Niaga's total assets in the first quarter of 2024 were recorded at IDR 333 trillion.
CIMB Niaga's President Director, Lani Darmawan, said that this achievement was the company's success in building good and closer relationships with customers through its digital services.
In line with this, CIMB Niaga always maintains a solid capital and liquidity position with a capital adequacy ratio (CAR) and loan-to-deposit ratio (LDR) of 24.5% and 84.2%, respectively.
Lani said the performance in the first quarter of 2024 is a manifestation of our consistency towards the 5-pillar strategy focused on sustainable profit growth.
"Going forward, we will continue to carry out our dedication to improving customer experience through digital innovation," she said.
By leveraging digital capabilities, she continued, the company is ready to create long-term value while continuing to prioritize the needs of stakeholders and contribute to the economic welfare of Indonesia.
