Credit rockets, Danamon profit almost flat

JAKARTA: With 31% credit expansion, PT Bank Danamon Indonesia Tbk however booked not more than 3% increase in net income to IDR1.47 trillion in the first half of the year, compared to IDR1.43 trillion in the same period last year.The not so satisfying
News Editor
News Editor - Bisnis.com 22 Juli 2011  |  01:56 WIB

JAKARTA: With 31% credit expansion, PT Bank Danamon Indonesia Tbk however booked not more than 3% increase in net income to IDR1.47 trillion in the first half of the year, compared to IDR1.43 trillion in the same period last year.The not so satisfying net profit, unlike the credit expansion, was the result of declining lending rate in the current year, according to Bank Danamon Finance Director Vera Eve Lim.Decreasing interest rate gave impact on income in the first half of the year. We will surely make some adjustments in the second half, including controlling operating costs, she said in a financial expose yesterday.However, Vera affirmed that the decrease in lending rate also gave positive impact in credit risk, as proven by declining non-performing loan (NPL).Our gross NPL is not more than 2.9%, decreasing from 3.4% last year. Its also positive for Danamon, she said.Bank Danamon posted a 31% increase in credit to IDR92.7 trillion during one-year period ended in June, compared to IDR71.04 trillion in a year earlier, said President Henry Ho.At the same time, credit for micro, small and medium businesses recorded a 23% growth to IDR28.02 trillion, contributing 30% to the banks total credit.Credits for corporate and commercial jumped by 30% to IDR20,04 trillion from IDR15.45 trillion.There was also a 46% a growth in auto leasing through Adira Finance within a year. Total financing increased to IDR35.3 trillion from IDR24.18 trillion.The achievement is mostly caused by motorcycle financing, which accounted for 64% of total Adira Finance in the first half of the year.Moreover, third partys fund jumped 23% to IDR83.53 trillion. Current accounts also increased to IDR10.54 trillion, while savings rose 18% to IDR26.51 trillion and time deposit bulged 26% to IDR52.36 trillion.Bigger credit expansion compared to fund collection through June 30 made Danamons loan to deposit ratio (LDR) reached 99.09%.The BDMN-coded stock stayed at IDR5,700, making market capitalization to IDR48 trillion. Bank Danamon stock made no gain this year.Bank Danamon is controlled by Asia Financial (Indonesia) Pte Ltd, a company belonging to Temasek Holdings Singapura. The remaining 32.59% belongs to public. (T04/NOM)

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