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Bank Tabungan’s 2011 Net Income Rises 22% on Lending Growth

Feb. 28 (Bloomberg) -- PT Bank Tabungan Negara, Indonesia’s largest mortgage lender, said 2011 profit rose 22 percent from a year earlier as lending increased.

Net income rose to 1.119 trillion rupiah ($123 million) from 916 billion rupiah a year earlier, the lender said in a statement in Jakarta today. The median estimate of 13 analysts in a Bloomberg surveyed was 1.01 trillion rupiah.

Gross domestic product in Southeast Asia’s biggest economy expanded 6.46 percent last year, the fastest pace since before the Asian Financial crisis, benefitting lenders including Bank Negara as consumers borrowed more to finance homes, vehicles and appliances. The central bank has cut its benchmark interest rate to a record low 5.75 percent since October to help boost consumption, which accounts for more than half of GDP.

“We are optimistic that loans will grow above 25 percent,” President Director Iqbal Latanro said in Jakarta today.

Net interest income, or revenue from borrowers after deducting interest paid to depositors, rose 12.79 percent to 3.788 trillion from 3.358 trillion rupiah a year earlier. Lending grew 23.31 percent to 63.6 trillion rupiah from 51.5 trillion rupiah a year earlier.

To contact the reporters on this story: Novrida Manurung at nmanurung@bloomberg.net;

To contact the editor responsible for this story: Greg Ahlstrand at gahlstrand@bloomberg.net

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