INDONESIA PRESS-Danamon Q1 net profit down 13 pct -Bisnis Indonesia

Wed Apr 16, 2014 9:52pm EDT

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Lender PT Bank Danamon Indonesia's first quarter net profit fell 13 percent to 875 billion rupiah ($76.52 million) from a year earlier, said Finance Director Vera Eve Lim.

The decline was a result of a 51 percent increase in the cost of funding that rose to 6.8 percent from 4.6 percent in the same period last year, Lim said. Meanwhile, the bank's income from interest rose 3 percent to 3.42 trillion rupiah.

Danamon recorded loan growth at 16 percent to 136 trillion rupiah. (Bisnis Indonesia)

Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11434.5 rupiah) (Compiled by Jakarta Newsroom; Editing by Anand Basu)

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