JAKARTA: PT Bank Mandiri Tbk profits fell by 10% to IDR3.4 trillion in the first three month 2012 from IDR3.8 trillion last year.
The profit declined following the loss of extraordinary revenue and decrease in the interest of government bonds.
The state-owned bank booked IDR1.4 trillion from extraordinary revenue (non-recurring fee) on sale of PT Garuda Indonesia shares. Moreover, interest income corrected from the yield on government bond.
Based on financial report of first quarter 2012, interest income and premium rose by 14.3% to IDR11.39 trillion, while other income fell by 65.6% to IDR694 billion. Interest expense and premium increased 17.8% to IDR4.87 trillion.
The loss of extraordinary revenue was reflected from the declining of fee-based income by 25.5% to IDR2.74 trillion. Bank Mandiri took part of Garuda shares as compensation for credit restructuring since Garuda was previously considered as a troubled debtor.
Bank Mandiri President Director Zulkilfi Zaini admitted the revenue from non-recurring fee of Garuda sale last year affected this year’s income. However, he claimed the company’s performance remains positive despite the extraordinary revenue was lost.
“Our performance is still positive as the profit before tax rose by 26.9%, if compared with IDR400 billion decrease in profit, while Garuda’s revenue last year reached IDR1.4 trillion,” he said in public disclosure today, April 25, 2012.
The company positive performance reflected from the 29.9% growth in credit or IDR75.4 trillion to IDR327.2 trillion (in gross). (T06/faa)
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