BTPN net profits soar 66 percent in Q3
The Jakarta Post | Mon, 10/17/2011 9:29 AM
JAKARTA: Bank Tabungan Pensiun Negara (BTPN), a mid-sized lender controlled by US private equity fund Texas Pacific, reported a 66 percent jump in net profits in the third quarter on the back of strong loan growth.
The bank’s net profits soared to Rp 958.7 billion (US$108.33 million) in the July to September period, up from Rp 577.5 billion in the same period last year as lending grew 31 percent to Rp 28.5 trillion versus Rp 21.8 trillion.
“Loan growth is balanced with prudent principles as reflected by manageable non-performing loans [NPL] at 0.45 percent net,” BTPN said in a statement released on Sunday.
Despite rapid loan growth, its capital adequacy ratio (CAR) remained relatively high at 20.9 percent. “Therefore in the future, BTPN still has enough room to grow,” the statement said.
Third-party funds grew faster than lending in the third quarter to Rp 32.8 trillion, up 34 percent from Rp 24.5 trillion in the same period last year.
