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    BNGA   ID1000098007

PT BANK CIMB NIAGA TBK

(BNGA)
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Bank Cimb Niaga Tbk PT : CIMB Niaga Reports Operating Income of Rp6,726 Billion for the First Half of 2015

07/31/2015 | 05:31am EDT
Press Release
Friday, 31 July 2015

CIMB Niaga Reports Operating Income of Rp6,726 Billion for the First Half of 2015

JAKARTA. PT Bank CIMB Niaga Tbk (CIMB Niaga; IDX: BNGA) today reported an unaudited consolidated operating income of Rp6,726 billion, representing a 1.5% year-on-year (YoY) growth, with a corresponding net profit of Rp176 billion for the six months period ended 30 June 2015, translating to an earnings per share (EPS) of Rp7.02.

CIMB Niaga's softer first half of 2015 results were attributed to the economic slow-down coupled with a challenging business environment. The lower YoY net profit came mainly from high level of provisions predominantly from the coal and coal related sector.

President Director of CIMB Niaga, Tigor M. Siahaan said, "We believe our core business remains strong. Despite the challenging environment, our top line results continued to improve as reflected by the 8.5% growth in net interest income which was lifted by an expansion in loans across all our markets and customer segments. Despite our lackluster YoY performance, the quarter-on-quarter (QoQ) traction provides a base for a more positive outlook for 2H15 in line with sustained top line growth and improvement in provision levels. As such, we are confident that the gross non-performing loans (NPL) of 4.28% as at 30 June 2015 will be gradually lower going forward. We believe CIMB Niaga will have a stronger foundation in 2H15 by continuing to focus on loan and deposit growth as well as managing operating efficiencies."

With total assets of Rp245.24 trillion as at 30 June 2015, representing a 9.1% YoY increase, CIMB Niaga maintained its position as Indonesia's fifth largest bank by assets. This emanated from the 9.8% growth in gross loans to Rp180.82 trillion as at 30 June 2015.

Corporate loans recorded the highest growth of 23.4% YoY to Rp58.09 trillion, followed by Micro Small Medium Enterprise (MSME) which grew 7.9% YoY to Rp35.94 trillion, and Consumer loans grew by 6.9% YoY to Rp51.25 trillion. Loans from Commercial Banking declined by 2.1% YoY to Rp35.54 trillion due to a decrease in investment loans by 9.1% YoY.

Within the Corporate loans, working capital loans increased 51.3% YoY to Rp25.29 trillion, while investment loans increased 8.0% YoY. Personal loans posted the highest growth in Consumer loans with a 30.6% YoY increase to Rp2.45 trillion, followed by a 27.1% YoY growth in Credit Card loans to Rp5.72 trillion. Within MSME loans, Micro Finance recorded a 16.2% YoY growth to Rp3.07 trillion as at 30 June 2015. MSME loans contributed 20.0% to CIMB Niaga's total loans.

CIMB Niaga's loan to deposit ratio (LDR) was 95.8% at the end of June 2015, declining from 97.8% at the same period last year.

As at 30 June 2015, third-party deposits amounted to Rp185.99 trillion, up 12.2% YoY. Current Account and Savings Account (CASA) increased 16.8% YoY to Rp88.19 trillion, with Current Accounts and Savings Account contributing Rp46.93 trillion (24.3% higher YoY) and Rp41.26 trillion (9.4% increase YoY) respectively, resulting in a 190 basis point (bps) increase in CIMB Niaga's CASA ratio to 47.4%.

CIMB Niaga continues to optimise the most advanced technologies in developing digital features for its branchless banking services, including upgrading its core banking system to support future business growth. This is as part of the company's strategy to become a leading digital bank as well as increase customer deposits and fee-based income.

As at end of June 2015, around 93% of the total transactions made by Consumer customers at CIMB Niaga were through branchless banking channels such as CIMB Clicks, Go Mobile, ATMs and the innovative Rekening Ponsel (mobile wallet). The number of CIMB Clicks users grew by 27.5% YoY, reaching over 1.1 million active users while Go Mobile reached 1.0 million users, an increase of 46.2% YoY. In addition, the number of Rekening Ponsel users increased by 87.1% YoY to 945 thousand users.

CIMB Niaga's gross NPL ratio stood at 4.28% as at 30 June 2015, compared to 2.97% as at the same period a year ago. This increase came from the Corporate Banking, Commercial Banking and MSME segments which rose 350 bps YoY, 120 bps YoY and 40 bps YoY to 6.9%, 5.3% and 2.7% respectively.

As at 30 June 2015, CIMB Niaga's Capital Adequacy Ratio (CAR) stood at 16.0%, compared with the same period last year of 16.1%.

Network Expansion

To support its business growth, CIMB Niaga continues to improve customer experience by offering a full range of products and services through 919 network channels (including 20 mobile branches) as at 30 June 2015. The nationwide network operates 3,325 automated teller machines (ATMs), 713 cash deposit machines (CDMs) and 215 self-service terminals (SSTs). As at 30 June 2015, the number of digital lounges is 21.

Recognitions

In the first half of 2015, CIMB Niaga received various awards including 'Excellence in Provision of Literacy and Education Award' as part of the 7th Annual Global CSR Summit and Awards 2015. Innovative product Rekening Ponsel also successfully achieved top position in Digital Brand of The Year 2015 for electronic money (e-money) category, based on the survey conducted by Isentia and Infobank research bureau.

CIMB Niaga's 60th Anniversary

2015 is a landmark year for CIMB Niaga as it marks the company's 60th anniversary - testament to the company's accomplishment amidst a dynamic and challenging business environment in Indonesia's banking sector over the past decades.

"As a leading privately-owned bank in Indonesia, we maintain our commitment in our role in the national banking sector as we continue to offer innovative banking products and services that will meet the requirements of the general public and businesses. By further leveraging on information technology efficiently and effectively, we will continue to ensure that our offerings remain accessible to people from all walks of life. However, all these initiative and efforts would not have been possible if not for the valued employees of CIMB Niaga who have relentlessly served our customers with nothing short of integrity and professionalism, and at the same time, creating value for our stakeholders through the prudent usage of resources during the difficult times," Tigor concluded.

About CIMB Niaga

CIMB Niaga was established as Bank Niaga in 1955. CIMB Group holds around 97.9% of the stakes in CIMB Niaga (including PT Commerce Kapital 1.02%). The Bank offers a comprehensive suite of both conventional and Islamic banking products and services, through an expanding delivery channel network of 919 network channels all over Indonesia as at 30 June 2015, including 563 branches, 271 Mikro Laju units (excluding 18 co-located), 65 cash/payment points (including 21 Digital Lounges) and 20 mobile branches. CIMB Niaga has 15,078 employees as at 30 June 2015.

CIMB Niaga encourages people to share high growth and take advantage of all the potential that the South-East Asia regions bring - in line with CIMB Group's brand positioning: "ASEAN for You".

CIMB Group is Malaysia's second largest financial services provider and one of ASEAN's leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, the Group is now present in 9 out of 10 ASEAN nations (Malaysia, Indonesia, Thailand, Singapore, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Taiwan, the US, UK and Korea. CIMB Group is listed on the Malaysian stock exchange via CIMB Group Holdings Berhad. As at 30 June 2015, the Group had a market capitalisation of USD46.4 billion and about 44,000 employees located in 17 countries.

For further information, please contact:

Rudy Hutagalung
Corporate Secretary
PT Bank CIMB Niaga Tbk
Tel: +62 - 21 546 0555 ext. 46058
Fax: +62 - 21 252 6749
Website: www.cimbniaga.com
Email: corporate.secretary@cimbniaga.co.id
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ę Publicnow 2015
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Sales 2021 17 358 B 1,22 B 1,22 B
Net income 2021 2 992 B 0,21 B 0,21 B
Net Debt 2021 - - -
P/E ratio 2021 7,35x
Yield 2021 2,90%
Capitalization 22 809 B 1 580 M 1 597 M
Capi. / Sales 2021 1,31x
Capi. / Sales 2022 1,25x
Nbr of Employees 11 825
Free-Float 0,29%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 1 156,00 IDR
Last Close Price 915,00 IDR
Spread / Highest target 45,4%
Spread / Average Target 26,3%
Spread / Lowest Target 3,83%
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Managers and Directors
NameTitle
Tigor M. Siahaan President Director & Chief Executive Officer
Kai Kwong Lee Director-Strategy & Finance
Didi Syafruddin Yahya President Commissioner
Yenny Siswanto Head-Information Technology
Fransiska Oei Secretary, Director-Legal & Compliance
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