JAKARTA - PT Bank CIMB Niaga Tbk. booked net profit of Rp 1.1 trillion in the first quarter of 2020, 11.8% higher than its record in Q1 2019, despite the outbreak of COVID-19.
President Director of CIMB Niaga, Tigor Siahaan, stated through a press release that the profit growth was mainly caused by lower operating costs and non-interest income that grew by 11.5% YoY.
The bank also recorded credit growth of 3.3% (YoY) to Rp194.3 trillion. Likewise, its asset value rose to Rp 274.5 trillion with a CASA ratio of 60.1%.
"In the midst of challenging conditions due to the COVID-19 pandemic, we managed to achieve double-digit net profit growth for the first quarter of 2020," he said. (ARM/AR)