INDONESIA: CIMB Niaga Syariah has reported a profit before tax of IDR48.74 billion (US$5.5 million) as at the 30th September 2011, a year-on-year increase of 87% from the corresponding period last year.
The surge in profit was attributed to a 95% growth in Shariah compliant financing to IDR2.82 trillion (US$317.5 million) and a 95% rise in third party fund placement to IDR3.44 trillion (US$387.3 million).
The bank’s assets rose 71% to IDR4.21 trillion (US$473.9 million) in September this year from September 2010.