Bank Syariah Mandiri posts Q1 net profit of $20.6M

Margin income and profit sharing pushed Bank Syariah Mandiri's first quarter net profit up by 42.87 percent from last year to Rp192.72 billion or US$20.6 million.

The bank`s margin income and profit sharing, derived from financing, rose by 24.76 percent to Rp1.07 trillion in the year ended March 31, 2012 from Rp860 billion a year earlier, the statement said.

As per March 31, 2012, the amount of financing channeled by the bank rose by 38.21 percent to Rp37.44 trillion from the same period last year.

"The amount of equities rose by around 38.78 percent to Rp3.27 trillion in the year to March 31,2012 from Rp2.35 trillion a year earlier due to an increase in the amount of paid-up capital and profit," the statement said.

Bank Mandiri, BSM`s majority shareholder, injected Rp200 billion in funds to BSM on March 21, 2011 and Rp300 billion on December 29, 2011.

The fund injection raised the sharia bank`s paid-up capital to Rp1.158 trillion from Rp658.24 billion previously.

As per March 31, 2012, the bank`s capital adequacy ratio rose by 13.91 percent from 11.88 percent in the same period.

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