Bank Mandiri Q1 profit up

JAKARTA (JP): State Bank Mandiri reported on Tuesday a 180 percent jump in first quarter profit to Rp 851 billion (US$74 million) from the same period last year.

The bank said in a press statement that its capital adequacy ratio during the quarter was 32.2 percent, up from 18.12 percent in the same period in 2000, while nonperforming loans declined to 17.9 percent from 20.1 percent late last year.

The bank added that new lendings in the first quarter were Rp 1.16 trillion.

Bank Mandiri president E.C.W. Neloe said the bank was on track to launch an initial public offering (IPO) in the fourth quarter of this year.

"We are making preparations for an IPO in the fourth quarter. With our good results and strong financial (condition), market and political conditions permitting, we are optimistic that investors ... will receive our IPO positively," Neloe said. (rei)