Bank Muamalat Reports 42.3 Percent Increase In Profit

Jakarta, April 29 (Antara) - Publicly traded Islamic bank, PT Bank Muamalat Indonesia, reported a 42.3 percent increase in net profit to Rp389.4 billion last year from Rp273.6 billion in the previous year. The net profit before tax reached Rp521.8 billion or an increase of 40.4 percent from Rp371.7 billion in 2011, says Arviyan Arifin, the president of the country`s first share bank. The increase in net profit of the bank was attributable to a 38.1 percent rise in assets to Rp44.9 trillion in 2012, Arviyan said here on Monday . "The increase in assets brought about a 22.3 percent expansion of sharia market share from 22.3 percent in 2011 to 23 percent in 2012," he said. Financing disbursed by Bank Muamalat totaled Rp32.9 trillion in 2012 or an increase of 46.3 percent from Rp22.5 trillion in 2011 with financing to deposit ratio (FDR) of 94.2 percent. Arviyan described Bank Muamalat as "quite expansive" in its financing as indicated by the rise in FDR from 85.2 percent in 2011 to 94.2 percent in 2012. "Though expansive its non performing financing remains law at 1.81 percent," he said. He said the amount of third party funds held by the bank reached Rp34.9 trillion by the end of 2012 or an increase of 30.4 percent from Rp26.8 trillion a year earlier. The third party fund growth was followed with an increase of 35.2 percent in retail saving funds with capital adequacy ratio of 11.57 percent In 2012 , Bank Muamalat strengthened its capital structure by issuing sharia bonds valued at Rp800 billion.