BTN reports 72.5% increase in Q1 profits

JAKARTA: Publicly listed state bank PT Bank Tabungan Negara (BTN) enjoyed a hefty growth in profits in the first quarter of this year, up by 72.48 percent compared to the same period a year earlier."BTN gained a significant growth in profits rising to Rp 188 billion *US$20.8 million* from Rp 109 billion in the first quarter last year," BTN president director Iqbal Lantaro said in Jakarta on Friday.

In the first quarter of this year, the bank booked Rp 775 billion in revenue from its interest income which rose by 68.8 percent from last year. BTN also distributed Rp 43.1 trillion of loans, higher than the Rp 31.6 trillion in the same period of last year.

Last year BTN made a net profit of Rp 490 billion which was up from Rp 430 billion in 2008. The net profit was driven by a rise in revenue reaching Rp 5.73 trillion up by 25.6 percent from Rp 4.56 trillion in 2008.

This year BTN is planning to issue its 14th bonds series with a value of Rp 2 trillion in the first half of this year. The bank has appointed three underwriters; PT Mandiri Sekuritas, PT Bahana Securities, and PT Indo Premier Securities to supervise the bank issuing. - JP