Danamon`s profit up 16% in 2011

Bank Danamon increased its consolidated profit by 16% to Rp3.34 trillion in 2011from Rp2.88 trillion in 2010.

The increase was fueled by strong credit growth in the mass market, SME segments and fee income hike, according to Bank Danamon President Director Henry Ho.

The amount of credits extended by Bank Danamon last year increased 23 percent to Rp101.7 trillion from Rp82.7 trillion the year before, he said.

This include those extended to the mass market segment including motorcycle loan, durable goods and self-employed mass market that rose 26 percent to Rp59.25 trillion.

On the other hand, the amount of credits extended to small and medium businesses and commercial businesses grew 23 percent to Rp24 trillion and accounted for 24 percent of the overall credits extended.

"The strong domestic economic fundamentals reflected by the country`s upgraded debt rating to investment grade, regardless of debt problems faced by European countries and slow recovery of the US economy from crisis has led to a conducive business climate that enabled us to reach that high credit growth," he said.

For the source of this story, click here.