Bank Duta profits up 35.9%

JAKARTA (JP): Bank Duta announced yesterday that it had made Rp 39.45 billion (US$17.15 million) in profits last year, up 35.9 percent from Rp 29.03 billion the previous year.

A statement issued by Bank Duta said that for 1996, the bank expects to post a pre-tax profit of Rp 65.62 billion, or 66.08 percent more than in 1995.

The higher profits are expected to come from credit expansion which is set to reach Rp 2.74 trillion by the end of this year.

In order to achieve its targets, Bank Duta has planned long- term programs aimed at improving technology and management.

The statement said that the bank's annual shareholders meeting yesterday -- led by Bank Duta President Muchtar Mandala -- agreed to pay a dividend of Rp 125 per share this year, up 25 percent from last year's Rp 100.

Bank Duta last year got new management with timber tycoon Mohammad Hasan as chief commissioner and Minister of Trade and Industry Tunky Ariwibowo and Head of the National Logistics Agency Beddu Amang as members of the board of advisors. (pwn)