PermataBank clarifies<\/p>\n
With regard to the news report about PermataBank on Nov. 16,
\npage 14, which was excerpted by The Jakarta Post from Bloomberg
\nwe would like to thank you for the publication.<\/p>\n
However, there are a few matters related to the article that
\nshould be clarified as follows.<\/p>\n
Your headline says: Bank Permata 2005 earnings may fall,
\nofficial says. It is stated: "Our profit may fall to below 472
\nbillion rupiah (US$47.1 million) this year, said Saptono."<\/p>\n
We never made this statement to Bloomberg. We just mentioned
\nthat the bank's profit up to September 2005 was IDR 184 billion
\nand the net profit up to September 2004 was IDR 489 billion.<\/p>\n
We had correspondence with Bloomberg related to the news
\nreport with explanations as follows:<\/p>\n
* In response to the question as to why Q3 profit decreased
\ncompared to the previous year, we explained that this was due to
\na combination of factors including:
\n- Investments that the Bank made this year which were reflected
\nin increase of expenses.
\n- Loss of IDR 30 billion from Mark-to-Market value of government
\nbonds.
\n- Higher provisions for bad debts of approximately IDR 131
\nbillion, which was partially due to the new Bank Indonesia
\nregulation on asset portfolio reclassification.<\/p>\n
* In response to the question as to whether the decrease in Q3
\nprofits compared to the previous year reflects the poor
\nperformance of PermataBank's current management, I explained
\nthat this was not necessarily the case because last year's
\nresults were not exactly an apple-to-apple comparison with this
\nyear's.<\/p>\n
I further explained that there were two significant variables
\nPermataBank enjoyed last year that we could not possibly be
\nrepeated this year. These included the reversal of merger costs
\ninjected by the government during the recap period of around IDR
\n144 billion which boosted our other operating income and the tax
\nloss carry-forward situation PermataBank still enjoyed as a
\nresult of the merger\/recap three years ago.<\/p>\n
IMAM TEGUH SAPTONO, General Manager Corporate Secretary, PermataBank,
\nJakarta<\/p>\n
Note: Thank you for the clarification.<\/p>\n
--Editor<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/permatabank-clarifies-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }