PT Bank Syariah Mandiri expects a 33% year-over-year rise in net profit for 2018, IDNFinancials reported May 31.
The Indonesian Islamic lender is forecastng profit for the 2018 financial year to be between 450 billion rupiah and 500 billion rupiah.
The PT Bank Mandiri (Persero) Tbk unit reported first-quarter net profit of 120.68 billion rupiah, up 33.7% from 90.26 billion rupiah in the prior-year period. The increase was attributed to overall business growth, as financing, third-party funds and assets all expanded, according to Ade Cahyo Nugroho, the company's finance director.
As of May 30, US$1 was equivalent to 13,948 Indonesian rupiah.
