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RETAIL BANKING | Tony Chua, Indonesia

Bank Rakyat Indonesia sees a 30% surge in 9-month profit

Higher lending and fee-based income growth attributed to earnings rise.

Bank Rakyat Indonesia expects its nine-month net profit to rise by up to 30% due to higher net interest income and fee-based income, a senior official at the state-owned bank told Dow Jones Newswires Monday.

"We are optimistic to have our net profit for the first nine months of the year to grow by between 20% and 30% due to higher lending and fee-based income," Bank Rakyat Chief Executive Officer Sofyan Basir said. The bank posted net profit of IDR6.65 trillion ($770 million) in the same period a year earlier.

Basir said he expects the bank's full-year net profit to reach up to IDR14 trillion, or 27% more than the IDR11 trillion posted for fiscal 2010, supported by a 9.8% net interest margin and a 22% increase in lending. At the end of 2010, the bank's total outstanding loans were at IDR246.9 trillion.

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