Wednesday, October 26, 2011

CIMB Niaga plans to grow Islamic lending

PT Bank CIMB Niaga Tbk plans to grow its Islamic lending, micro-financing and rahn service and will continue to retain its position as the fifth largest bank in terms of third party deposits ans assets in the country, its president director Arwin Rasyid said in a press release (Oct 24, 2011).

"CIMB Niaga will continue to maintain a sound balance in all aspects to the business – corporate, commercial, retail and Islamic banking. We will invest in our infrastructure to bring quality banking solutions to our customers and stakeholders," he added.

The bank posted a 33% year-on-year in net profit to Rp2.38 trillion or Rp95.1 per share for the third quarter ended Sept 30, 2011 on the back of strong double digit loan growth to the commercial, corporate and retail market in Indonesia.

Network expansion has been aiding the growth in its business as it channel network has grown to 859 as at the end of September from 711 a year ago. Its Islamic banking business has grown to 23 branches from 21 last year as has its ATM network that stands at 1,645 machines as at the end of September. - The Malaysian Reserve (Oct 25, 2011)