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StanChart's net profit grows 32.25% in H1
Standard Chartered Bank (StanChart) Indonesia booked a net profit of Rp 284
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tandard Chartered Bank (StanChart) Indonesia booked a net profit of Rp 284.83 billion (US$243,652) in the first half (H1) of 2014, up by 32.25 percent from the same period last year, which reached Rp 215.37 billion.
'The bank's net profit increase was also supported by an increase in its net interest margin [NIM] to 4.64 percent from 4.30 percent,' StanChart said in its recently released financial report, as quoted by kontan.co.id in Jakarta on Sunday.
It was stated that the bank's achievement was much better than the same period last year. In the first half of 2013, StandChart Indonesia's net profit was down by 58.49 percent from Rp 518.89 billion in the same period of 2012.
The net profit decline was also followed by decrease in NIM to 4.30 percent in June 2013 from 5.38 percent in June 2012.
The recent trend of increases in deposit interests has led StanChart Indonesia's interest expenses to continue to grow. As of June, the bank recorded an interest expense of Rp 816.42 billion, up from Rp 778.80 billion in June 2013.
'Fortunately, the net interest income [NII] has slightly increased. As of June, the NII increased to Rp 1.14 trillion from Rp 1 trillion in June 2013,' StanChart said.
StanChart Indonesia has yet to provide details on the causes of increases in its net profit after it suffered a decline last year. (dyl/ebf)
