CIMB Niaga's business-as-usual net profit down 59% to IDR856b in 2015

It declined 46% in 4Q15 alone.

According to Maybank Kim Eng, CIMB Niaga’s (Niaga) Business As Usual (BAU) 4Q15 net profit declined QoQ by 46% to IDR238b, due mainly to higher loan loss provisions and a 7% QoQ decline in operating proft. On a full-year basis, BAU net profit dropped 59% YoY to IDR856b, due to higher provisions.

"FY15 reported net profit of IDR428b was lower than BAU net profit of IDR856b due mainly to one-off MSS costs while FY14 reported net profit of IDR2.34t was higher than BAU net profit of IDR2.11b due to a gain from the sale of its Karawaci building. Niaga’s overall FY15 BAU net profit was 27% below our full-year estimate."

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