NISP reports 96% jump in net profit

NISP reports 96% jump in net profit

JAKARTA: Publicly listed NISP Bank recorded a 96 percent increase
in net profit in the third quarter of this year. Its net profit
jumped from Rp 61 billion (US$7.22 million) in 2002 to Rp 119
billion in 2003.

In a media release, the bank said a 70 percent increase in net
interest margin pushed profits higher.

The bank posted Rp 308 billion in net interest margin in the
third quarter compared to Rp 181 billion in the same period last
year.

NISP's president Pramukti Surdaudaja said the bank's third
party funds also increased by 87 percent to Rp 12.33 trillion.

Some 76.5 percent of the funds were in the form of time
deposits.

Loan disbursed by the bank was up 79 percent from Rp 8.52
trillion in the third quarter of 2002 to Rp 15.23 trillion in the
same period this year. Some 63.3 percent of the loans were
provided to companies for working capital, 15.6 percent for
investments and 21.1 percent consumer loans.

The bank's capital adequacy ratio (CAR) increased to 14.98
percent in the quarter from 13.89 percent in the same period in
2002, while gross non-performing loans (NPL) were down to 1.14
percent from 1.88 percent.-- JP