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Private lender PaninBank records 26.9% net profit growth in Q1
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A teller at Bank Panin Syariah Tbk serves a customer in Jakarta. (Kontan/Fransiskus Simbolon)
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rivate lender Panin Bank saw its net profit jump by 26.9 percent year-on-year (yoy) to Rp 760.41 billion (US$57.1 million) in this year's first quarter, mainly supported by higher net interest income and other operational income, including fee-based income.
The publicly listed bank booked Rp 2.08 trillion in net interest income (NII) during the first three months of this year, higher by 4.2 percent yoy. Its non-interest income soared by 69.3 percent yoy to Rp 553.41 billion.
"Panin Bank improves its products and services comprehensively through cross selling with its affiliations and subsidiaries, such as [sharia lender] Panin Dubai Syariah Bank, [life insurer] PT Panin Dai-Ichi Life and Asuransi MAG Fairfax and [publicly listed securities firm] PT Panin Sekuritas and [asset manager] PT Panin Asset Management," Panin Bank president director Herwidayatmo said as quoted in an official statement.
(Read also: Panin Dubai aims for growth with tech aid)
Meanwhile, the lender saw its outstanding loans reach Rp 132.29 trillion as of March, expanding by 5.2 percent yoy. Its gross non-performing loan (NPL) increased to 2.91 percent from 2.64 percent in the same period last year.
The lender's net NPL hovered at 0.84 percent from 0.55 percent.
Panin Bank managed to collect Rp 145.8 trillion worth of third party funds (DPK) during the first quarter, a jump of 14 percent yoy. (bbn)
