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Bank Negara Indonesia, the country’s fourth-largest lender by assets, said on Thursday that its profit surged in the first nine months of the year on strong loan growth.

Net income at the Jakarta-based lender rose 38 percent to Rp 4.06 trillion ($459 million) through September, from Rp 2.95 trillion in the same period last year.

Its net interest income, or the interest earned from borrowers after interest is paid to depositors, was up 5 percent to Rp 9.41 trillion in the same period.

Many Indonesian lenders have benefitted from low borrowing costs as the country’s policy makers look to spur economic growth this year.

Bank Indonesia cut its overnight policy rate to 6.5 percent in early October, the same level as when the measure was introduced in July 2005. The policy rate is the benchmark measure for lending by commercial banks.

The central bank forecast early this month that the country’s $700 billion economy would expand by 6.6 percent this year. It grew 6.1 percent last year.

BNI’s total outstanding loans rose 27 percent to Rp 160.7 trillion as of the end of September, from Rp 126 trillion in the same period last year, said Gatot Suwondo, the bank’s president director.

The lender announced its results before the markets closed on Thursday.

Gatot said BNI’s corporate loans rose 32 percent, while lending to small- and medium-sized companies was up 13.2 percent, microcredits rose 17.2 percent and consumer loans 37.8 percent.

BNI, the third-largest lender by market value, has said it plans to buy a microlender with assets of about Rp 2 trillion this year or next. Gatot has said BNI expects its total lending to grow by up to 20 percent this year.

Shares of BNI closed unchanged at Rp 4,025 on the Indonesia Stock Exchange (IDX) on Thursday. The shares have risen 3.87 percent so far this year.