JAKARTA: PT Bank Mandiri Tbk posted IDR8.85 trillion unaudited net income in 2010 or soared by 23.6% compared to the same period last year at IDR7.16 trillion (unaudited) as it is mainly backed by the declining interest expense.Based on the Banking Statistic in December 2010, the state lender profit was backed by IDR30.4 trillion interest income or slightly rose compared to the same period last year at IDR28.88 trillion.Such profit was also propelled by the declining interest expense from IDR13.98 trillion in the previous period to IDR12.34 trillion.Meanwhile the non-interest operating income also contributed to the rise from IDR5.31 trillion to IDR8.31 trillion, yet, such expenses significantly surged from IDR9.22 trillion to IDR14.96 trillion.Mandiris rising interest income was triggered by the 21.87% growth of its credit unit as the core business expansion, compared to the same period last year at IDR218.99 trillion.The third-party fund also surged by 10.9% to IDR332.52 trillion. A rise over its credit and funds has caused Mandiris asset to surpass IDR400 trillion, precisely IDR408.77 trillion compared to the previous period at IDR373.51 trillion.This year, Bank Mandiri has ensured additional profit from its stock acquisition in PT Garuda Indonesia as much as 1.93 billion shares at IDR750 per share.Unfortunately, Mandiris subsidiary, PT Mandiri Sekuritas serving as one of the underwriters must absorb the remaining stocks of the state airlines that failed to be absorbed by market.Three joint lead underwriters (JLU), consisting Mandiri Sekuritas, Bahana Securities and Danareksa Sekuritas somehow must absorb Garudas stock as much as 3.01 billion shares at IDR750 or valuing IDR2.25 trillion.A Bisnis source revealed that Mandiri Sekuritas can obtain a loan line from number of banks, not only from its holding company, Bank Mandiri. However, Managing Director of PT Mandiri Sekuritas, Kartika Wirjoatmodjo when confirmed by Bisnis declined to spit detailed explanation.Danamon profitIn the meantime, PT Bank Danamon Tbk recorded IDR2.88 trillion net income (unaudited) in 2010 or soared by 88% compared to the same period last year at IDR1.53 trillion (unaudited).Based on the data of Bank Indonesia, the profit growth of Temasek Groups lender was propelled by the non-interest operating income as much as IDR29.41 trillion, compared to the previous period of IDR2.28 trillion. The non-interest expenses reached IDR33.1 trillion or soared from IDR4.41 trillion.As a matter of fact, the interest income declined from the previous period of IDR13.53 trillion to ZIDR11.59 trillion. The net interest income was still supported by the declining interest expense from IDR6.3 trillion to IDR4.28 trillion. (T02/wiw)

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