Bank Danamon 2009 net unchanged at $165.24mln

Lender’s CAR topped 20.7% as its equity grew 49% despite flat profit performance.

Bank Danamon booked a net profit of Rp 1.53 trillion ($165.24 million) in 2009, the same as the declared profit for the previous year, while the bank's Capital Adequacy Ratio (CAR) reached 20.7 percent, well above the minimum requirement of 8 percent.

The bank said in a statement that total loans declined by 5.4 percent to Rp 63.28 trillion ($6.78 billion) as of December, 2009 from Rp 66.9 trillion ($7.17 billion) in the same period, the previous year. It said that total loans in 2009 were mainly supported by the mass market segment which expanded to Rp 34.08 trillion ($3.65 billion) of the bank's total loans.

Mass market loans, which include micro loans channeled through Danamon Simpan Pinjam (DSP) and auto loans provided by automotive financing subsidiary PT Adira Dinamika Multi Finance, grew 12 percent and 13 percent year-on-year, respectively.

View the full story in the Jakarta Post.