July 19, 2018 / 10:12 AM / a month ago

CORRECTED-UPDATE 1-Indonesia's Bank Mandiri H1 profit jumps 29 pct

(Corrects in para 2 position of official to director of small businesses and network (not head of investor relations)

* H1 profit rises to 12.2 trln rupiah from 9.5 trln year ago

* Fee-based income up 18.1 pct

* Gross NPL ratio falls to 3.13 pct from 3.82 pct year ago

By Cindy Silviana

July 19 (Reuters) - PT Bank Mandiri Tbk, one of Indonesia’s largest banks by assets, posted a 28.7 percent jump in first-half net profit on Thursday, boosted by higher fee-based income and a pickup in loan growth.

The state-controlled lender reported a net profit of 12.2 trillion rupiah ($843.1 million) for the six months ended June 30, director of small businesses and network Hery Gunardi told reporters, up from 9.5 trillion rupiah a year earlier.

Mandiri lowered its provisioning costs by 15.4 percent from a year earlier, Gunardi said, while fee-based income rose 18.1 percent.

The gross non-performing loan (NPL) ratio, a measure of bad loans, stood at 3.13 percent at the end of its second quarter of 2018 compared with 3.82 percent a year earlier.

The bank was under pressure last year to tackle bad debts after posting its worst profit in five years in 2016. It slashed provisioning costs by 35 percent in 2017.

Seventeen analysts polled by Thomson Reuters I/B/E/S on average are estimating a net income of 25.062 trillion rupiah for Mandiri in 2018. ($1 = 14,470 rupiah) (Reporting by Cindy Silviana, writing by Fanny Potkin; Editing by Gopakumar Warrier)

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