Bank Mandiri says Q1 net profit up 89 pct

Bank Mandiri , Indonesia's biggest lender, said on Friday its first-quarter net profit rose 89 percent, driven mostly by a one-time gain from the stake sale in Garuda Indonesia's public offering earlier this year.

The firm's first-quarter net profit was 3.8 trillion Indonesian rupiah, compared with 2 trillion rupiah in the same period a year earlier, said Pahala Mansury, Mandiri's director for finance and strategy.

It reported a first-quarter net interest income of 5.8 trillion rupiah. That compared with net interest income of 4.63 trillion rupiah in the year-ago period.
The one-time gain was estimated at about 1.3 trillion rupiah when it sold its stake in flag carrier Garuda in February.

Analysts forecast Mandiri's 2011 net profit to rise 28 percent to 11.79 trillion rupiah, according to Thomson Reuters data.
Shares in Mandiri rose 1.4 percent ahead of the results, and have gained more than 6 percent in the first quarter to outperform a Jakarta index that was down around 0.7 percent in the same period. Source: Reuters