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Bank Negara Indonesia H1 net income surges 79.9% YOY

PT Bank NegaraIndonesia (Persero) Tbk's first-half net income jumped 79.9% yearover year on the back of higher net interest income and lower provisioning.

The bank said net income rose to 4.371 trillion rupiah inthe six-month period ended June 30 from 2.430 trillion rupiah in the prior-yearperiod. EPS increased to 234 rupiah from 130 rupiah.

Net interest income rose 11.7% to 13.911 trillion rupiahfrom 12.454 trillion rupiah. The bank's net interest margin fell to 6.1% from6.6% in the year-ago period.

Noninterest income increased to 4.432 trillion rupiah from3.443 trillion rupiah in the year-ago period.

The bank's operating income climbed to 19.014 trillionrupiah from 16.940 trillion rupiah in the prior-year period.

The bank's provisions in the first half dropped to 4.732trillion rupiah from 5.999 trillion rupiah. The bank's coverage ratio for grossnonperforming loans rose to 142.8% from 138.8%.

The gross NPL ratio stood still at 3% from the prior-yearperiod, while net NPL ratio dipped to 0.7% from 0.8%.

The bank's Tier I capital adequacy ratio climbed to 16.9%from 14.3%, while the Tier II capital adequacy ratio declined to 2.4% from2.8%. The total capital adequacy ratio increased to 19.3% from 17.1%.

As of July 22, US$1was equivalent to 13,120.50 Indonesian rupiah.