Panin's 2003 profit skyrockets<\/p>\n
JAKARTA: Panin Bank, a publicly listed medium-sized bank, posted
\na staggering 315 percent increase last year in its after-tax
\nprofit from 2002, partly due to a rise in net interest margin
\n(NIM).<\/p>\n
A press release from the bank on Tuesday said its after-tax
\nprofit in 2003 stood at Rp 418.5 billion (US$55 million), a sharp
\nrise from the Rp 101 billion recorded in 2002.<\/p>\n
The increase is attributable to a complementary increase in
\nthe bank's NIM, from 5.53 percent in 2002 to 6.97 percent last
\nyear as Panin benefited from massive expansion in loan exposures
\n-- mostly in the form of consumer financing.<\/p>\n
Throughout the year, Panin extended Rp 1.15 trillion in
\nhousing loans and Rp 986 billion for cars, which represented a
\nrespective rise of 71 percent and 23 percent compared to the
\nprevious year.<\/p>\n
Panin -- among the few banks that survived the 1997-1998
\nfinancial crisis without the aid of the government's bail-out
\nprogram -- also recorded a capital adequacy ratio (CAR) of 42.3
\npercent and loan to deposit ratio (LDR) of 71.2 percent. In 2002,
\nthe bank's CAR stood at 32.9 percent, its LDR at 77.1 percent. --
\nJP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/panins-2003-profit-skyrockets-1447893297",
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"sponsor": "Okusi Associates",
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