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Bank Negara Indonesia 9-month net income rises 31.6% YOY

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Bank Negara Indonesia 9-month net income rises 31.6% YOY

PT Bank Negara Indonesia (Persero) Tbk posted a 31.6% year-over-year increase in net income for the nine months to Sept. 30.

The bank's net income for the nine-month period rose to 10.157 trillion rupiah from 7.717 trillion rupiah in the prior-year period, according to an Oct. 12 presentation. EPS rose to 545 rupiah from 414 rupiah.

For the third quarter, the S&P Capital IQ consensus estimate for normalized EPS was 183.27 rupiah, with three analysts reporting.

Net interest income for the nine-month period jumped to 23.511 trillion rupiah from 21.874 trillion rupiah in the year-ago period, while noninterest income climbed to 7.178 trillion rupiah from 6.237 trillion rupiah over the same period.

Operating income rose year over year to 33.058 trillion rupiah from 29.856 trillion rupiah. Operating expenses increased to 14.751 trillion rupiah from 13.520 trillion rupiah.

The bank's net interest margin dropped to 5.5% as of the end of September from 6.2% in the year-ago period.

The bank's provisioning for the period declined to 5.489 trillion rupiah from 6.610 trillion rupiah. The coverage ratio for gross nonperforming loans rose to 147.4% from 143.2% in the prior-year period.

The gross NPL ratio for the nine-month period clocked in at 2.8%, down from 3.1% in the year-ago period. The net NPL ratio rose year over year to 0.8% from 0.7%.

The bank's Tier 1 capital adequacy ratio increased to 17.9% from 17.3% in the year-ago period, while the total capital adequacy ratio rose to 19.0% from 18.4% in the prior-year period. The Tier 1 capital adequacy ratio and the total capital adequacy ratio for full-year 2016 was 18.3% and 19.4%, respectively.

As of Oct. 12, US$1 was equivalent to 13,505.00 Indonesian rupiah.