Thu, 28 Feb 2008
From: The Jakarta Post
By The Jakarta Post, Jakarta
Bank Lippo, a publicly listed bank controlled by Malaysia-based giant Khazanah Nasional Berhad, reported a 51 percent growth in lending in 2007 from the previous year.

"This is the third consecutive year that Lippo's lending has grown in excess of 50 percent. We have clearly shown that we are a positive banking force in supporting the Indonesia economy," treasury director Gottfried Tampubulon said in a statement.

With the increase, the bank's loan disbursements through the end of last year reached Rp 18.132 trillion.

Of the total lending, 43 percent was distributed to small and medium enterprises (SMEs), 32 percent to corporates and 25 percent to consumers.

"Strong growth has been exceptional across the board, while our loan portfolio composition reflects our continued emphasis on extending loans to SMEs and the consumer segment," said Henk Mulder, president director and CEO.

Despite the growth, the bank its gross non-performing loan (NPL) ratio from 2 percent to 1.3 percent last year, well below the 5 percent maximum allowed under central bank guidelines.

The rapid increase in loans pushed up the bank's net profit by 46 percent from a year earlier, the statement said.

Founded in 1948, LippoBank was one of the first private banks in Indonesia. Today, with Rp 38.96 billion in total assets, it serves retail and commercial segments through its 400 branches in 120 cities and towns across the country. (rff)



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