BNI's net profit in the first half of 2013 jumped 30 percent to IDR 4.28 trillion (USD $378 million), supported by a surge in both interest and non-interest income. Despite the current tighter monetary policy of the central bank (Bank Indonesia), BNI is still optimistic about its lending targets for 2013. Credit growth is expected to reach the range of 19 to 23 percent (yoy) by the end of 2013.

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Bank Negara Indonesia's Financial Highlights:

      2008     2009     2010     2011     2012
Revenues    9,912   11,133   11,737   13,196   15,459
Net Income    1,223    2,487    4,103    5,826    7,046
Net Operating Income    1,875    3,386    5,509    7,242    8,641
Income before Tax    1,932    3,444    5,485    7,461    8,900
Total Assets   201,741   227,497   248,581   299,058   333,304
Total Liabilities   186,279   208,322   215,431   261,215   289,778
Capital Adequacy Ratio (CAR)    13.5%    13.8%    18.6%    17.6%    16.7%
Non Performing Loan (NPL)¹     4.9%     4.7%     4.3%     3.6%     2.8%
Third Party Funds   163,164   188,469   194,375   231,296   257,661
Earnings per Share²       80      163      266      312      378
Cash Dividend per Share²      8,00     47,48     65,98     62,48      113
P/E Ratio (x)        –        –        –     17.1     14.2

in billion IDR rupiah unless otherwise stated
¹ gross
² in IDR rupiah
Source: Bank Negara Indonesia, Annual Report 2012

Future Projection Bank Negara Indonesia's Financial Highlights:

       2011      2012     2013F     2014F     2015F
Revenues    13,196    15,459    17,735    19,820    22,567
Net Income     5,826     7,046     8,266     9,686    11,421
Earnings per Share¹       312       378       443       519       612
P/E Ratio (x)      13.6      11.2       9.6       8.2       6.9

in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Danareksa Sekuritas

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