Bank Mandiri Q1 2010 profit up 43%

Lender posted $222.3mln net profit due to lending surge and strong growth in fee income.

Indonesia's largest lender by assets, PT Bank Mandiri, said on Friday first-quarter net profit rose 43.1 percent to 2.003 trillion rupiah ($222.3 million), driven by strong growth in fee income.

First-quarter net interest income rose 5.5 percent to 4.634 trillion rupiah ($514.32 million), while other operating income jumped 22.6 percent to 1.409 trillion rupiah ($156.38 million).

The bank said in a statement that lending grew 14.2 percent in the first quarter and that it expects full-year loan growth of 15-18 percent.

Analysts forecast full-year 2010 net profit of 8.528 trillion rupiah ($946.5 million), according to Thomson Reuters I/B/E/S, an increase of about a fifth from last year.

View the full story in Reuters.