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Bank Rakyat Indonesia Q1 net profit edges up 1.7% YOY

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Bank Rakyat Indonesia Q1 net profit edges up 1.7% YOY

PT Bank RakyatIndonesia (Persero) Tbk posted a 1.7% year-over-year increase innet profit for the first quarter despite higher credit costs during the period.

The bank said consolidated net profit increased to 6.252trillion rupiah from 6.147 trillion rupiah in the prior-year period. EPS roseyear over year to 1,014 rupiah from 997 rupiah.

Net interest income jumped to 15.843 trillion rupiah from13.510 trillion rupiah, while fee and other operating income increased to 3.465trillion rupiah from 2.776 trillion rupiah. The bank also posted a net premiumincome of 12 billion rupiah for the period.

Total provisions surged 133.1% to 3.649 trillion rupiah from1.565 trillion rupiah in the year-ago quarter. The bank said efforts to keepcoverage at the 150% level resulted in higher credit costs.

At the end of March, the bank's net interest margin clockedin at 8.09% up from 7.57% in the prior-year period.

The gross nonperforming loan ratio rose to 2.22% from 2.17%,while the net NPL ratio dipped to 0.59% from 0.60%.

The bank's Tier 1 capital adequacy ratio dropped to 15.84%from 15.97% in the prior-year period. The total capital adequacy ratio alsodeclined to 19.49% from 20.08% over the same period.

As of April 28, US$1was equivalent to 13,195.00 Indonesian rupiah.