Bank NISP's Q1 profit jumps 72%

Bank NISP's Q1 profit jumps 72%

JAKARTA: PT Bank NISP, an Indonesian lender controlled by Singapore's Oversea-Chinese Banking Corp., posted a 72 percent rise in first-quarter profit as it expanded lending.

Net income rose to Rp 95.99 billion (US$10 million) from Rp 55.7 billion in the first quarter of last year, the Bandung, West Java-based lender said in a statement published in a media statement.

Net interest income, or interest earned on loans after deducting interest paid to borrowers, rose to Rp 171.8 billion from Rp 144.9 billion a year earlier, the company said. Outstanding loans rose 22 percent to Rp 10.7 trillion at the end of March from Rp 8.8 trillion a year earlier.

Oversea-Chinese Banking Corp., Singapore's smallest lender, offered to buy a further 44 percent of Bank NISP for Rp 1.62 trillion after raising its stake in the Indonesian bank to 51 percent earlier this month, the Singapore bank said last week. -- Bloomberg