Bank Mandiri first quarter profit up 89% to $444.45mn

Analysts estimate the bank’s 2011 profit to rise 28% to $1.38bn following gain from the stake sale in Garuda Indonesia's IPO.

Bank Mandiri, Indonesia's biggest lender, said on Friday its first-quarter net profit rose 89 percent, driven mostly by a one-time gain from the stake sale in Garuda Indonesia's public offering earlier this year.

The firm's first-quarter net profit was 3.8 trillion ($444.45 million) Indonesian rupiah, compared with 2 trillion rupiah ($233.92 million) in the same period a year earlier, said Pahala Mansury, Mandiri's director for finance and strategy.

It reported a first-quarter net interest income of 5.8 trillion rupiah ($678.36 million). That compared with net interest income of 4.63 trillion rupiah ($541.52 million) in the year-ago period.

The one-time gain was estimated at about 1.3 trillion rupiah ($152.05 million) when it sold its stake in flag carrier Garuda in February.

View the full story in Reuters.