JAKARTA. Standard Chartered Bank Indonesia recorded a net profit of Rp 459 billion in the first half of 2019, 82% higher than the record from the same period of last year (Rp 252 billion).
The increase in profits was supported by business growth in various business lines and better efficiency.
The bank continued its momentum of growth in the first six months of 2019, marked by credit and third party fund growth at 6% YoY each. Credit growth was mainly recorded from the manufacturing and construction sectors, which are important industries driving the Indonesian economy.
Cost efficiency is shown by the improved cost ratio from 67.8% in the first half of last year to 54.5% this year, which is a reflection of the bank's efforts to manage its spending more optimally, as quoted from the press release from Standard Chartered Bank Indonesia. (AM/AR)