KUALA LUMPUR (Feb 20): PT Bank CIMB Niaga Tbk, the 92.5%-owned Indonesian subsidiary of CIMB Group Holdings Bhd (KL:CIMB), recorded a 5.4% year-on-year (y-o-y) increase in net profits to 6.83 trillion rupiah (RM1.85 billion) in the financial year ended Dec 31, 2024 (FY2024), compared to 6.48 trillion rupiah (RM1.76 billion) a year earlier.

According to CIMB’s filing with Bursa Malaysia on Thursday, CIMB Niaga’s earnings per share rose to 271.59 rupiah from 259.45 rupiah. The increase in net profits was driven by a 7.15% increase in interest income to 22.69 trillion rupiah from 21.17 trillion rupiah.

CIMB Niaga president director Lani Darmawan attributed the bank’s performance to its Forward23+ strategic plan, which has been instrumental in driving sustainable growth across key business segments, according to the bank's statement.

“These efforts have enabled us to deliver customised financial solutions and generate significant value for our customers and society at large. At the heart of this success is our unwavering focus on digital innovation and continuous enhancement of the customer experience,” she said.

Lani also highlighted the bank’s commitment to maintaining strong asset quality, as reflected in its lower gross non-performing loan ratio, which declined to 1.8% in FY2024 from 2.0% in the previous year.

CIMB Niaga maintained a healthy capital position, with a capital adequacy ratio of 23.3% and a loan-to-deposit ratio of 86.3% as of end-December 2024. The bank’s total consolidated assets stood at 360.2 trillion rupiah (RM97.84 billion).

Total deposits rose 10.5% y-o-y to 260.6 trillion rupiah, driven by a 14.2% y-o-y increase in current account and savings account (CASA) deposits. This brought the bank’s CASA ratio to 66.0%.

Meanwhile, total loans and financing grew 6.9% y-o-y to 228 trillion rupiah, supported by growth in the small and medium enterprise, corporate, and consumer banking segments.