Panin posts 86% profit increase

JAKARTA: Bank Panin, a medium-sized lender, reported on Wednesday an 86 percent increase in its third-quarter before-tax profit as compared with the same period last year.

The bank's third quarter profit stood at Rp 651 billion (some US$73 million), Panin said in a statement.

The statement outlined a 29 percent increase in assets to Rp 22.3 trillion during the quarter, and a 28 percent increase in lending exposure to Rp 10.6 trillion.

Net interest income, which reached Rp 935 billion, contributed the largest share in the bank's total profit, with fee-based income of Rp 447 billion in second.

As of September, Panin's capital adequacy ratio (CAR) stood at 39.6 percent, way above the central bank's minimum requirement of 8 percent, while its lending-to-deposit (LDR) ratio was at 71 percent. -- JP