Indonesian Bank Mandiri's profit grows 9 pct in Q1

Source: Xinhua| 2020-06-08 20:54:56|Editor: huaxia

JAKARTA, June 8 (Xinhua) -- PT Bank Mandiri, one of Indonesia's largest banks, logged a higher profit in the first quarter and pledged to sustain the growth during the economic uncertainty caused by the COVID-19 pandemic.

The state-owned bank recorded a 9.44-percent growth in net profit to 7.92 trillion rupiahs (567.50 million U.S. dollars) in the first three months, local media reported on Monday.

The fee-based income and net interest income from January to March increased 23.93 percent and 9.05 percent respectively.

In addition to the growth, the net interest income also expanded 9.01 percent year-on-year during the period.

The lender's total operational income grew by 13.26 percent from January to March.

President Director of PT Bank Mandiri Royke Tumilaar said the bank would strive to endure the challenging time during the pandemic, as social restrictions have stemmed business projections.

"For now, we persistently make great efforts to maintain the asset quality and business, because this pandemic potentially impacts the business of the bank," he said.

The bank's loan growth stood at 14.2 percent with 902.7 trillion rupiahs (about 64.68 billion U.S. dollars) in the first three months on the yearly basis.

The non-performing loan and capital adequacy ratio were 2.36 percent and 17.65 percent respectively in the period.

Indonesia reported the first COVID-19 case on March 3, followed by restrictive measures announced by the government to curb the spread of the disease.

For the whole of this year, the banking sector is projected to be impacted by the COVID-19 pandemic which has been ravaging Indonesia's economy, but the country has gradually eased the restrictions for reopening the economy. Enditem