BTN recorded IDR187.8 billion profits

PT Bank Tabungan Negara (BTN) Tbk in quarter I/2010 booked unaudited profit rise by 72 percent into IDR187.8 billion as from IDR109.4 billion in 2009.

The bank profit was backed up by the net interest income standing at IDR775 billion or rose about 68.85 percent as from IDR459 billion last year. The soaring profit was boosted by the rising credit expansion by 36.39 percent into IDR43.1 trillion.
The mounting net profit in quarter I/2010 was boosted by the IDR4.5 trillion net credit expansion as from IDR3.1 trillion in former year.
Despite high credit expansion, the company could maintain the non performing loan (NPL) ratio. BTN NET NPL WAS 3.2 percent or slightly declining from 3.4 percent of the prior period.
For quarter I, BTN booked IDR56.2 trillion assets or rose 21.3 percent as from IDR46.3 trillion of the former year.

In addition to credit, the climbing asset was backed up by the mounting third party fund from IDR32.9 trillion into IDR37.9 trillion or 15 percent rise.
BTN this year targets to upgrade the profit by 51 percent as from DIR490 billion last year. The rise of profit is significant if compared to 2009.
In 2009 BTN booked lower net profit than the credit expansion due to the swelling cost of fund. The bank profit rose 14 percent despite the 27.19 percent credit expansion into IDR40.7 trillion.
BTN raked IDR1.88 trillion proceeds from the IPO by selling 35 percent shares to public so as to boost up the CAR into 27 percent.