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Indonesia's BTN ups profit by 63% in H1
riven by rising loan demand, Bank Tabungan Negara's profit jumped 63 percent in the first half of the year.
Net income at BTN rose to Rp 621 billion or US$65 million in the January to June period, from Rp 381.2 billion in the same period last year. Net interest income, or the interest earned on loans after deducting interest paid for deposits, increased to Rp 2.27 trillion in the first half year, from Rp 1.69 trillion last year.
BTN is just the latest Indonesian lender to report favorable first-half earning results.
But unlike these banks, BTN primarily focuses on mortgage lending.
The mortgage lender is 71.6 percent controlled by the government.
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