Housing credit focused PT Bank Tabungan Negara Tbk (BTN) recorded a 97.11% jump in net profit in the first half this year (1H 2010) from the same period last year on the back of soaring credit. BTN booked Rp390.61 billion of net profit in 1H 2010 from a year earlier of Rp198.16 billion.
The state-owned bank channeled credit of Rp46.41 trillion in 1H 2010, a 29.61% compared to the same period last year.
In return, BTN posted a higher net interest margin from 1H 2009 of 4.04% to 5.81% in 1H 2010. Third parties fund rose 16.69% from Rp34.28 trillion in 1H 2009 to Rp39.99 trillion in 1H 2010.
Disclosure: No position at the stock mentioned above.
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