Bank Syariah Mandiri profit up 44% to $48.5mn

The lender said it gained more trust from customers since its third-party fund placement increased by 50%.

PT Bank Syariah Mandiri, a subsidiary of Bank Mandiri, the country’s strongest bank in assets, says it booked Rp 418.5 billion ($48.49 million) in net profits last year, a 43.8 percent increase from the Rp 290.9 billion ($33.73 million) it earned in 2009.

In a press release issued Tuesday as quoted by tempointeraktif.com, Syariah Mandiri says its operational income was the backbone of its profits. The bank also said it had gained more trust from customers since its third-party fund placement had increased by 49. 9 percent from Rp 19.3 trillion ($2.23 billion) in 2009 to Rp 29 trillion ($3.36 billion) in December last year, according to a report in The Jakarta Post.

A significant increase was also seen in financing, which rose from Rp 16 trillion ($1.85 billion) in 2009 to Rp 23.9 trillion ($2.77 billion) in December last year.

The figure also helped the bank increase its assets to Rp 32.4 trillion ($3.76 billion), up 47.4 percent from Rp 22 trillion ($2.54 billion) in 2009.