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Bank Central Asia H1 net profit rises YOY on lower provisions

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Bank Central Asia H1 net profit rises YOY on lower provisions

Indonesia's PT Bank Central Asia Tbk posted an 8.4% year-over-year increase in net profit for the six months to June 30 as provisions fell.

Net profit for the period rose to 11.421 trillion rupiah, or 463 rupiah per share, from 10.535 trillion rupiah, or 427 rupiah per share, in the prior-year period, according to a July 26 release.

Net profit for the second quarter came in at 5.913 trillion rupiah.

Net interest income for the first half climbed to 21.783 trillion rupiah from 20.372 trillion rupiah in the prior corresponding period. Noninterest income inched up to 7.719 trillion rupiah from 7.049 trillion rupiah as fees and commissions grew to 5.517 trillion rupiah from 4.935 trillion rupiah, among other things.

The bank set aside a total provision of 826 billion rupiah for the first half, down from 936 billion rupiah a year earlier.

Its net interest margin stood at 6.0% as of June 30, down from 6.1% as of March 31 and 6.3% as of June 30, 2017.

The lender also posted a gross nonperforming loan ratio of 1.4% at the end of June, slightly down from 1.5% as of March 31 and at the end of June 2017. Net NPL came in at 0.4%, unchanged from the prior-year period, but down from 0.5% in the previous quarter.

As of June 30, the bank's capital adequacy ratio clocked in at 22.8%, down from 23.6% at the end of March, but up from 22.1% in the year-ago period.

As of July 26, US$1 was equivalent to 14,453.00 Indonesian rupiah.