Bank Mashill to open four sub-branches this year

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)