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)