Indonesia-based PT Bank Mandiri (Persero) Tbk's net profit for the quarter ended Dec. 31, 2017, surged year-over-year, as provisions more than halved.
The bank said net profit for the quarter jumped to 5.570 trillion rupiah from 1.793 trillion rupiah in the year-ago quarter.
Net interest income grew to 13.488 trillion rupiah from 13.168 trillion rupiah, the bank said. Net premium income increased to 684 billion rupiah from 357 billion rupiah in the quarter ended Dec. 31, 2016. Net interest margin clocked in at 5.63% as of the end of 2017, compared to 6.29% as of the end of 2016.
Meanwhile, net provisions for the quarter amounted to 3.733 trillion rupiah, down from 8.734 trillion rupiah in the year-ago period.
The bank's nonperforming loan ratio was 1.06% as of Dec. 31, 2017, compared to 1.38% as of the end of 2016. Its capital adequacy ratio stood at 21.64%, compared to 21.36% at the end of 2016.
For the year ended Dec. 31, 2017, the bank's net profit attributable to the parent rose to 20.640 trillion rupiah from 13.807 trillion rupiah. EPS increased to 442.28 rupiah from 295.85 rupiah.
As of Feb. 5, US$1 was equivalent to 13,515 Indonesia rupiah.
