Bank Ekonomi increases 1Q profits by 30%

Bank Ekonomi reported profit before tax of US$17 million for the three months to 31 March 2010. It is  an increase of 50 percent on the same period in 2009.

Net interest income for the three months to 31 March 2010 decreased by 2 percent, or US$0.4 million, from US$18 million. This was driven by overall lower yields.

Non interest income for the three months to 31 March 2010 increased to US$8 million, up more than 100 percent or US$4 million compared to the same period in 2009. This mainly resulted from an increase in gain on sale of investments by US$5 million.

There were no impairment losses on financial assets and provision for losses on non-productive assets for the three months to 31 March 2010 as there is no foreseen impairment issue, compared with US$4million for the same period in 2009.