PT Bank Ekonomi Raharja Tbk (BAEK) today reported profit before tax for the 9 months of 2011 of Rp262.7 billion, a 26% decrease from Rp353.3 billion in 9M 2010.
In an official statement filed to Indonesia Stock Exchange today, the increase was due to a rise in employee expenses of Rp74.7 billion on the back of higher headcount and increased staff benefits to align with the market as well as a reduction of Rp34.6 billion in gains on the sale of investment securities.
operating income was Rp786.8 billion, a 1% increase from the same period last year. Net Interest income increased 5% to Rp664.7 billion from a year earlier.
Disclosure: No position at the stock mentioned above.
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