{
    "success": true,
    "data": {
        "id": 1407579,
        "msgid": "lippo-bank-books-445-profit-hike-1447893297",
        "date": "1998-07-14 00:00:00",
        "title": "Lippo Bank books 445% profit hike",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Lippo Bank books 445% profit hike JAKARTA (JP): Publicly listed Lippo Bank announced a record 445 percent jump in profits yesterday to Rp 530 billion (about US$5.4 million) during the first half of the year compared to the same period in 1997. The pretax profits were 450 percent above projections, the bank said.",
        "content": "<p>Lippo Bank books 445% profit hike<\/p>\n<p>JAKARTA (JP): Publicly listed Lippo Bank announced a record<br>\n445 percent jump in profits yesterday to Rp 530 billion (about<br>\nUS$5.4 million) during the first half of the year compared to the<br>\nsame period in 1997.<\/p>\n<p>The pretax profits were 450 percent above projections, the<br>\nbank said.<\/p>\n<p>The exceptional profit was mainly the result of current<br>\neconomic developments in which the bank was able to take in high<br>\ninterest earnings due to the central bank's high interest short-<br>\nterm promissory notes (SBIs), the bank said in a media statement.<\/p>\n<p>The earnings are reflective of a one-time gain from the high<br>\ninterest rate environment and are not expected to be repeated, it<br>\nexplained.<\/p>\n<p>It said the bank's board of directors had decided to allocate<br>\nRp 450 billion of the earnings to a special capital reserve fund<br>\nto support its corporate and business customers, particularly in<br>\nthe distribution sector which has suffered financial hardships<br>\nfrom the economic crisis.<\/p>\n<p>The new Rp 450 billion allocation will supplement the Rp 268<br>\nbillion already allotted to the fund, it added.<\/p>\n<p>The bank also announced that its total revenues during the<br>\nfirst semester ending on June 30 soared 270 percent to Rp 2.5<br>\ntrillion from the same period in 1997.<\/p>\n<p>\"We entered the financial crisis with a strong balance sheet<br>\nand liquidity position. We are now benefiting from being able to<br>\nwithstand the turmoil,\" Lippo Bank president Eddy Sindoro said.<\/p>\n<p>The strong balance sheet reflects a relatively low loan-to-<br>\ndeposit ratio (LDR) of 83.73 percent against the industry's<br>\naverage of over 160 percent, Lippo said.<\/p>\n<p>It added that the bank's liquidity ratio was currently at 31<br>\npercent -- meaning that for every Rp 100 in deposits, Lippo<br>\nmaintained Rp 31 in cash-liquid assets.<\/p>\n<p>\"This compares favorably with the minimum liquidity reserve<br>\nrequirement ratio of just 5 percent. Lippo is a major and<br>\nconsistent net placer of excess funds in the interbank market<br>\nwith a cash liquidity position of over Rp 3 trillion,\" it<br>\nsaid. (rei)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/lippo-bank-books-445-profit-hike-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}