Bank Bali to expand service network

JAKARTA (JP): PT Bank Bali, a private bank listed on the Jakarta and Surabaya stock exchanges, will expand its service network by establishing new branches and add to its Automated Teller Machine (ATM) system.

President of Bank Bali Rudy Ramli told reporters after the bank's annual shareholders meeting here yesterday that the bank will open 25 new branches and 40 ATMs in various cities this year.

"Currently we have 94 branches, including the head office and two overseas branches, and 61 ATMs." Rudy said.

Rudy said the establishment of new branches and the installation of new ATMs will be financed by the bank's retained earnings.

Rudy said the company's after-tax profits rose by seven percent from Rp 57.51 billion (US$26.66 million) in 1992 to Rp 61.60 billion ($28.56 million) last year.

The meeting agreed on the management's proposal for a final cash dividend of Rp 100 (US5 cents) per share on Aug. 1.

Bank Bali has previously distributed interim dividends of Rp 100 per share on Feb. 18, Rudy added.

The company's earnings per share (EPS) in 1993 were Rp 331 (U.S.15 cents).

Rudy said the banks' total assets rose to Rp 4.14 trillion ($1.92 billion) last year from Rp 3.42 trillion ($1.59 billion) in 1992.

But the company's revenues dropped to Rp 508.12 billion ($235.57 million) last year from Rp 566.05 billion ($262.42 million) in 1992.

Another Bank Bali executive, Muliadi Hendri, said the construction of a new branch office will cost about Rp 500 million ($231,803) and the installation of an ATM will cost about Rp 100 million ($46,360).(02)