Cancels foreign subdebt, 1H10 net income surged 61% yoy

Bank Negara Indonesia cancelled the option to issue US$300mn
subordinated debt (subdebt) and may choose the right issue option. The
right issue plan is getting closer to realization. The privatization committee
has approved the plan and it is just waiting the approval from the House of
Representatives. The process is expected to be completed this semester.
Meanwhile, the bank reported net income of Rp1.93tn in 1H10, 61% higher
compared to the same period a year ago, boosted mainly by the asset
recovery during the first six months in 2010. Net interest income rose slightly
10% yoy to Rp6.13tn from Rp5.60tn at the same period last year. – Bisnis
Indonesia