DBS Indonesia's net profits surge 74.4 % to $41.8M

PT Bank DBS Indonesia posted a 74.4 percent increase in net profits to Rp 384 billion or US$41.8 milion in 2011.

The increase in net profits was supported by a 16.7 percent jump in net interest income to Rp 1 trillion in 2011 from Rp 864 billion in 2010, reports Jakarta Post. Meanwhile, non-interest income surged 67 percent to Rp 508 billion from Rp 304 billion.

“We were very focused on execution, even while we rolled out several new key initiatives that will bear fruit in the medium term. What was especially pleasing in 2011 was that the growth was broad based across all business segments. Our goal is to consistently outperform the market, and we have done just that across the bank last year,” DBS Indonesia president commissioner Bernard Tan said in a written statement.

The bank also saw a 53 percent increase in its consumer banking franchise business driven primarily by the strong performance in wealth management and unsecured loans. Meanwhile, the company’s institutional banking division recorded a 19 percent increase in revenue and small medium enterprise segment reported 51 percent increase in revenue.