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NEWS UPDATES 24 August 2010

CIMB Indonesia to hit double-digit target

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Bank CIMB Niaga, Indonesia’s fifth largest lender by assets, announced Monday a 62 percent increase in net profit in the first half of this year, confirming the bank is on track to achieve double-digit growth in profits this year.

“We did not officially revise our targets, but within the internal system, we see a better outlook in the near future, as first half figures have been strong,” CIMB Niaga vice president director Catherine Hadiman said.

With the first half’s promising results, Catherine said she is confident the growth target could be achieved.

CIMB Niaga’s net profit increased to Rp 1.13 trillion (US$126.56 million) in thefirst half of this year from Rp 696 billion in the same period last year, thanks to the 32 percent increase in operating revenue to Rp 1.5 trillion.

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