Mar 5, 2012

Bank Panin FY11 net profit up 8.33%

PT Bank Pan Indonesia Tbk (Bank Panin) reported an unaudited net profit of Rp1.62 trillion last year, a slight increase of 8.33% from a year earlier of Rp1.5 trillion, despite aggressive credit expansion.
Interest income of Bank Panin last year rose 22.4% to Rp9.11 trillion from Rp7.44 trillion, while interest expenses increased to Rp4.5 trillion from Rp3.75 trillion as well.
However, the bank that is controlled by Indonesian tycoon Mukmin Ali Gunawan still booked a 24.85% increase in net interest income to Rp4.61 trillion.
Bank Panin recorded a 23.05% in credit channeling to Rp70.82 trillion last year from Rp57.55 trillion, while the third party deposits slightly increased 13.9% to Rp85.53 trillion.

Disclosure: No position at the stock mentioned above.

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