Danamon records Rp190b profit

Danamon records Rp190b profit

JAKARTA: PT Bank Danamon Indonesia recorded a net profit of Rp 190 billion (US$21.4 million) during the first quarter of this year, up 12 percent from Rp 170 billion a year ago, Danamon Chief Executive Arwin Rasyid told reporters Tuesday.

Speaking after the company's annual meeting, Rasyid said the bank's net interest income during the period was flat at Rp 300 billion.

He said the bank's capital adequacy ratio as of March 31 was 37 percent, compared with 40 percent last year, but still above the 8 percent required by the central bank, Bank Indonesia.

He didn't offer any explanations for the results. The official earnings report is expected later this week.

Danamon is one of the banks the government rescued through a massive public-fund injection following the 1997 economic crisis. The government owns 99.36 percent of Danamon, and the investing public holds the rest.--JP