Shariah Business Unit of Bank CIMB Niaga Profit Sees 35% Rise Year on Year

The Shariah Business Unit of PT Bank CIMB Niaga (CIMB Niaga Syariah) in Indonesia saw its profit rise 35% year-on-year to IDR 851 billion as of the 30th of June 2021.

Why it Matters?

This double-digit growth in profit was driven by the consumer banking and the micro, small and medium-sized enterprises (MSME) segments. The consumer banking segment, which accounts for over 50% of CIMB Niaga Syariah’s total financing portfolio, grew 20% year-to-date (YTD). This growth was aided by rises in mortgage products or housing, automotive and personal financing. The MSME segment rose by 14% to IDR 1.2 trillion (YTD); the MSME portion of the CIMB Niaga Syariah financing portfolio stood at 3.63%.

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