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Bank Negara Indonesia Q1 net income up 5.5% YOY

PT Bank NegaraIndonesia (Persero) Tbk on April 12 reported a 5.5% year-over-year in net income for the firstquarter.

The bank posted first-quarter net income of 2.973 trillion rupiah,or 161 rupiah per share, up from 2.817 trillion rupiah, or 151 rupiah per share,in the prior-year period.

Net interest income rose to 6.908 trillion rupiah from 6.096trillion rupiah in the year-ago quarter, while operating income climbed to 9.436trillion rupiah from 8.423 trillion rupiah over the same period.

The bank's provisioning in the quarter totaled 1.478 trillionrupiah, compared with 1.241 trillion rupiah in the prior-year quarter.

As of the end of the first quarter, the bank's net interest margincame down to 6.1% from 6.5% in the first quarter of 2015.

The bank's gross nonperforming loan ratio climbed to 2.8% atthe end of the first quarter, compared with 2.1% in the prior-year quarter.

The bank's net NPL ratio stood at 0.9% in the first quarter,up from 0.5% in the first quarter of 2015.

The bank's Tier 1 capital adequacy ratio stood at 17.4% at theend of the first quarter, higher than 15.6% at the end of the first quarter in 2015.The total capital adequacy ratio jumped to 19.9% at the end of the first quarter,compared with 17.8% at the end of the first quarter in 2015.

As of April 12, US$1 wasequivalent to 13,097.50 Indonesian rupiah.