PT Bank Danamon Indonesia Tbk (Danamon) announced a consolidated net profit after tax (NPAT) of IDR1,433 billion for the first half of 2010, a 65% improvement from IDR870 billion recorded for the same period last year, contributed by accelerating loan growth, particularly in the mass-market segments and sustained margins.
Danamon’s total loans reached IDR71,074 billion at the end of the first semester 2010, up from IDR61,586 billion a year ago. In the second quarter of 2010, its total loans have increased 10%, from IDR64,447 billion at the end of March 2010.
The company has significant growth in our current and savings accounts (CASA). At the end of June 2010, CASA comprise 39% of Danamon’s total deposits, having increased 31% to Rp26.5 trillion, from IDR20.2 trillion.
The Bank’s first half financial performance was attributable to a 10% increase in net interest income, reaching IDR4,843 billion from IDR4,419 billion in the first semester of 2009. This enabled the Bank to sustain its net interest margin (NIM), which stood at 11.6% at the end of the first half of the year compared to 10.0% for the same period last year.
Meanwhile, Danamon’s cost of credit reached IDR562 billion, improving 3% from the previous quarter. As such, Danamon’s reported a Return on Average Asset (ROAA) of 3.0% in the second quarter while its Return on Average Equity (ROAE) improved to 19.3% despite of high capitalization. At the end of the first semester 2010, Danamon’s Capital Adequacy Ratio (CAR) remains among the highest in the country, at 18% after incorporating operational risk.
Meanwhile, Danamon’s cost of credit reached IDR562 billion, improving 3% from the previous quarter. As such, Danamon’s reported a Return on Average Asset (ROAA) of 3.0% in the second quarter while its Return on Average Equity (ROAE) improved to 19.3% despite of high capitalization. At the end of the first semester 2010, Danamon’s Capital Adequacy Ratio (CAR) remains among the highest in the country, at 18% after incorporating operational risk.
Danamon’s mass market loans; mainly comprised of micro lending through Danamon Simpan Pinjam and consumer auto financing through Adira Finance (Adira), continued to drive the growth of Danamon’s loans.
These loans combined have grown 34% during the first half of 2010 compared to a year earlier. DSP managed to book a loan growth of 20% to IDR13,745 billion from the previous year, while Adira’s financing reached IDR24,184 billion, marking a 43% growth from the same period last year.
Other loan segments in Danamon’s loan book comprised small and medium enterprise (SME) andcommercial loans, which accounted for 25% of the Bank’s total loans, retail and wholesale loans which contributed to 7% and 12% of its loan portfolio, respectively, as per June 30, 2010. Danamon’s Gross NPL declined to 3.4% as of June 30, 2010 from 4.0% at the end of the previous quarter.
Other loan segments in Danamon’s loan book comprised small and medium enterprise (SME) andcommercial loans, which accounted for 25% of the Bank’s total loans, retail and wholesale loans which contributed to 7% and 12% of its loan portfolio, respectively, as per June 30, 2010. Danamon’s Gross NPL declined to 3.4% as of June 30, 2010 from 4.0% at the end of the previous quarter.
The Savings Accounts grew 34% while Current Account grew by 27% year-on-year, reaching IDR17,611 billion and IDR8,907 billion.
As per June 30, 2010, Danamon’s Loan to Deposits (LDR) ratio stood at 98.8%, while its loan to funding ratio reached 89.6%
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