Bank Mashill to open four sub-branches this year

JAKARTA (JP): PT Bank Mashill Utama, a private domestic bank listed on the Jakarta Stock Exchange, will expand its business network in Jakarta and West Java.

The bank's president, Antonius T. Windoe, told reporters after its annual shareholders meeting yesterday that the bank will open four new sub-branch offices in Jakarta, Bogor, Tangerang and Bekasi by the end of the year.

The bank currently has 18 service points, including its headquarters, 11 sub-branch offices and one cashier's office, all in Jakarta, and five branch offices in Sumatra and Java.

One of the bank's directors, Leo Yasin Setiadi, said the expansion program will be financed by the bank's retained profits. The opening of each new sub-branch office will cost about Rp 500 million (US$231,300) to rent the building for five years, plus renovation costs.

He said the bank's after-tax profits soared by over 130 percent to Rp 4.68 billion ($2.16 million) last year from Rp 2.03 billion in 1992, while its total assets more than doubled to Rp 411.86 billion from Rp 180.91 billion.

Leo said that with after-tax profits of Rp 7.30 billion during the first semester, the bank, which went public last March, expects to generate a net income of Rp 19 billion this year.

Leo said the shareholders approved distributing a cash dividend of Rp 20 (almost one U.S. cent) per share for the holders of its 68 million shares. The dividend distribution will begin on Sept. 10.

Leo said the shareholders also approved appointing Calvin Iskandar Koharjo and Edwin Jaya Wiyanto as the bank's commissioners, adding to the current four commissioners.(02)