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Bank Central Asia FY'17 net profit rises amid lower provisions

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Bank Central Asia FY'17 net profit rises amid lower provisions

PT Bank Central Asia Tbk posted a 13.1% year-over-year increase in its net profit for the year ended Dec. 31, 2017, amid a decline in its provisions.

Net profit for 2017 rose to 23.31 trillion Indonesian rupiah, or 945 rupiah per share, from 20.61 trillion rupiah, or 836 rupiah per share, in the year-ago period.

The S&P Capital IQ consensus estimate for normalized EPS was 935.60 rupiah, and the estimate for GAAP EPS was 934.98 rupiah.

The Indonesian lender said March 8 that provisions for the year amounted to 2.63 trillion rupiah, down from 4.56 trillion rupiah in the prior-year period.

Net interest income edged up to 41.86 trillion rupiah from 40.22 trillion rupiah, while fees and commission income grew to 10.39 trillion rupiah from 9.40 trillion rupiah.

The bank's net interest margin for 2017 stood at 6.2%, down from 6.8% in 2016.

The gross nonperforming loan ratio increased to 1.5% from 1.3%, while the net NPL ratio inched up to 0.4% from 0.3%.

As of Dec. 31, 2017, the lender's capital adequacy ratio was 23.1%, up from 21.9% as of Dec. 31, 2016.

As of March 8, US$1 was equivalent to 13,814.00 Indonesian rupiah.