Bank Danamon 1Q Net Profit Soars 92%

PT Bank Danamon Tbk (BDMN) booked net profit of IDR482 billion in the first quarter of 2007, rising sharply by 92% from IDR251 billion in the same period of 2006, the bank's president Sebastian Paredes said. Paredes said here yesterday (26/4) the sharp increase was triggered by the operatingrevenue that climbed up by 41% at IDR2.163 trillion from IDR1.539 trillion, while net interest income, provision and commission contributed 35% and 61% of the operating revenue. "The total assets stepped up 20% at IDR84.946 trillion from IDR70.758 trillion, while the public fund climbed up 21% at IDR58.475 trillion, supported by the sharp hike in deposits and savings," he said further.Bank Danamon's loans to small- and medium-scale businesses and the commercial sector increased by 11% and 13% each at IDR8.339 trillion and IDR5.544 trillion, while loan to the corporate sector was up 15% at IDR5.535 trillion.Meanwhile, Danamon's director and chief financial officer, Vera Eve Lim, said the NPL (gross) was 3.2% or slightly lower than 3.3% in the same period of 2006. "But the net NPL remained zero because the ratio of debt write-off to NPL was 158% after figuring in the guarantee value," Lim added.