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Bank Danamon Indonesia 2012 Net Income Gains 22% on Lending

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Feb. 18 (Bloomberg) -- PT Bank Danamon Indonesia, the takeover target of Singapore-based DBS Group Holdings Ltd., said profit in 2012 rose 22 percent on lending growth.

Net income rose to 4.01 trillion rupiah ($414.3 million) in 2012 from 3.29 trillion rupiah a year earlier, the lender said in statement in Jakarta today. The median estimate of 21 analysts in a Bloomberg News survey was 4.03 trillion rupiah.

Danamon’s net interest income, or revenue from borrowers after deducting interest paid to depositors, rose 19 percent to 12.92 trillion rupiah from 10.85 trillion rupiah a year earlier. Credit grew 14 percent to 116.4 trillion rupiah last year.

Danamon missed its lending-growth target of 18 percent last year as the implementation of minimum down payments for motorcycles and cars, reduced demand, Chief Financial Officer Vera Eve Lim told reporters at a press briefing to announce financial results. Bank Danamon targets lending to grow about 18 percent this year, Lim said.

Fourth quarter net income was 1.02 trillion rupiah and net interest income was 3.33 trillion rupiah, according to a separate statement, which didn’t provide comparative figures for fourth-quarter 2011.

DBS, Southeast Asia’s biggest lender, made a $6.8 billion bid in April for 99 percent of Bank Danamon and is awaiting regulatory clearance.

President Director Henry Ho declined to comment on the deal.

To contact the reporter on this story: Novrida Manurung in Jakarta at nmanurung@bloomberg.net

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

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